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Czech Republic G City buys final 25% of Arkády Pankrác

Retail & leisure
G City Europe has completed the acquisition of the remaining 25 pct stake it did not previously own in the Arkády Pankrác shopping centre in Prague 4 (Nusle) for EUR 60.5 mln.

G City Europe previously acquired 75 pct ownership of Arkády Pankrác in 2015 and with this new acquisition has now owns 100 pct of the mall. The company received a EUR 112 mln secured loan for the transaction from UniCredit Bank Czech Republic and Slovakia, part of which will be used to repay the company’s current debt.

Arkády Pankrác opened in 2008 and comprises 38,700 sqm gla of retail space as well as 1,030 sqm gla of office space, along with parking for app. 1,100 vehicles. It is 96 pct leased. ECE Projektmanagement Praha will continue managing the centre.

The transaction includes the adjacent 0.54 ha plot of with building rights for a 22,500 sqm development.

G City Europe Limited, a member of G City Group, has a portfolio of shopping centres focused on Warsaw and Prague. It owns 14 properties (including one PRS property) with a total gross leasable area of over 426,000 sqm and with a total market value of app. EUR 1.9 bln.

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