Varyada shopping centre transacts in a Czech market leading deal
CBRE represented Invesco Real Estate, the global real estate investment manager, in the sale of the dominant regional shopping centre Varyada on behalf of its dedicated CEE pooled mandate. The property was sold to European Property Group, the developer of Palladium Prague. With his acquisition, the new owner intensifies his market presence in the Czech Republic.
Opened in March 2005, Varyada shopping center consists of ca. 18,000 sq m of retail space anchored by Albert hypermarket and additional 65 retailers. European Property Group plans to significantly increase the shopping centre to more than 120 tenants creating many new jobs. This will make Varyada the dominant shopping destination in its area. The shopping mall is located in the Czech spa capital of Karlovy Vary. It is surrounded by residential districts and numerous sporting and leisure facilities. The centre already enjoys a dominant position within its regional catchment of over 300,000 inhabitants.
Varyada is arguably the best regional retail asset that will have transacted in the Czech Republic in 2015. After a recent refurbishment program, the buyer is acquiring a well performing centre which further benefits from significant expansion potential.
We are honoured to advise Invesco Real Estate in such a market leading deal. The transaction demonstrates high investor appetite for dominant and well performing regional shopping centres.
Tomáš Pícha, Director of CEE Transactions, Invesco Real Estate, adds: “We are delighted with the successful completion of the sale of Varyada, and look forward to making further investments in the CEE region in the near future, in both the Czech Republic and Poland.”
CBRE expects the retail sector to dominate Czech investment market in 2015. With total Czech investment volumes expected in excess of EUR 2.5 billion this year it is possible that transaction activity will surpass that of pre-crisis year of 2007.
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.