CBRE Global Investors acquires Letňany shopping centre in Prague

The vendor was Tesco. Letňany is a well-established shopping centre, built in 1999, comprising 63,478 sqm of retail, as well as 3,551 sqm of office space and a 1,791 sqm petrol station. The centre also offers 3,200 parking spaces. The centre is anchored by Tesco’s flagship store in the Czech Republic. The store has recently undergone a comprehensive refurbishment. Tesco has committed to the centre by signing a long-term lease for the hypermarket and office space totalling 16,315 sqm.

There are 160 other outlets including Cinema City, H&M, C&A, Datart, Zara and SportsDirect. The centre also benefits from a strong leisure offer including a vertical wind tunnel for skydiving, a surfing centre, and an aqua park within close vicinity. “This acquisition is an excellent addition to our client’s real estate portfolio. It meets their investment criteria being a retail, trophy asset located in an established market.“said Harald Flöer, Fund Manager, CBRE Global Investors.

John Mulqueen, Head of Transactions EMEA, CBRE Global Investors added: “CEE is a very important region for our business, our local team completed app. EUR 1 bln of transactions during 2016. We continue to have a strong appetite for assets of this quality and a significant amount of capital to invest in the region on behalf of our clients over 2017.” CBRE Global Investors was advised by Clifford Chance and CBRE. The seller was advised by Wilson & Partners and Cushman & Wakefield.