UNION INVESTMENT ACQUIRES MAJORITY STAKE IN PALLADIUM
The largest property deal ever recorded in the Czech Republic was advised by CBRE
- The transaction is the largest and most renowned retail/mixed used deal on the Czech market. It is also the largest property deal ever recorded in the Czech Republic and the largest single asset transaction in Central Europe ever.
- The mixed use nature of the deal proves the depth of expertise CBRE holds across all core market segments covering shopping centres, high street retail and office accommodation.
- The deal further strengthens CBRE position within the market and continues to establish CBRE reputation as the leading retail investment adviser in CEE. Since 2011, CBRE has transacted over €2 billion worth of retail accommodation across CZ and PL.
CBRE advised Union Investment Real Estate GmbH on the acquisition of a majority shareholding stake of the most prestigious asset in the Czech market, Palladium, from a company managed by the German investment manager Hannover Leasing, Pullach. The transaction is the largest property deal ever recorded in the Czech Republic. The property consists of the largest city centre development (ca 41,000 sq m of prime retail, ca 18,000 sq m of office) strategically located in the city of Prague and naturally extending Prague’s high street.
“We are extremely pleased to have advised Union Investment in such a landmark and strategically important acquisition. 2015 is set to be strong in shopping centre investment in the Czech Republic, with several large deals that originated in 2014 closing in the next few months, and further assets coming to the market later this year. Including Palladium, we currently register over EUR 1 bln of shopping centre investments for 2015 (deals either closed, in negotiations, on the market or in preparation). This would be more than three times the 2014 shopping centre volumes.”
“Palladium was on all of the major investor radars for a long time, which only confirms Palladium to be a highly lucrative asset. We were pleased to represent Union on this prestigious transaction. With Investments of this scale and nature comes a huge responsibility. In addition, the transaction was conducted in an extremely short timeframe. CBRE has recognized this by ensuring that it has a strong team of field specialists with established track records who combined, are able to advice across all the required disciplines."
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.