CBRE Global Investors has sold a portfolio of 11 mainly shopping centre assets located in Czech Republic, Poland, Romania and Hungary. The portfolio has been sold to CPI Property Group for the value of approximately EUR 650 million.
The portfolio has approximately 265,000 sq m lettable area and the assets are:
– Olympia Plzeň Shopping Centre and Nisa Liberec Shopping Centre in the Czech Republic
– Ogrody Shopping Centre in Poland
– Polus Shopping Centre and Campona Shopping Centre in Hungary
– Felicia Shopping Centre in Romania
– Multifunctional complex Zlatý Anděl in Prague
– Andrássy Complex in Budapest
– Two Interspar stores in Hungary
Robert Snincak, Fund Manager, CBRE Global Investors said: “The sale successfully concludes our asset management strategy for these assets, creating value for our investors in line with the business plan.
We have had a very busy twelve months in the CEE region with nearly EUR 600 million of acquisitions as well as this major disposal.“
Roland Bebcak, Head of Divestments CEE, CBRE Global Investors added: “The portfolio attracted a lot of interest as a result of its CEE wide composition and dominant retail exposure. It illustrates that sizeable investments particularly in Poland, Czech Republic and Hungary are firmly back on investors’ agendas.”
The assets are from the Property Fund Central Europe (PFCE) and Property Fund Central Eastern Europe (PFCEE).
CBRE Global Investors were advised on the sale by Clifford Chance, Cushman & Wakefield and Arcadis.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.6 billion in assets under management* as of December 31, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.