Palmer Capital Continental Europe Acquires €100m Czech Retail Portfolio
Prague, 10th February 2016: Palmer Capital Continental Europe has completed the acquisition of a portfolio of eight Albert-anchored hypermarket centres and two associated retail parks in the Czech Republic for the Lighthouse vehicle, one of its nine managed investment funds and vehicles.
The vendor was Atrium European Real Estate and the purchase price was in the region of €100m. The portfolio comprises a total lettable area of 86,200 square metres and delivers a beneficial core plus return which Palmer Capital Continental Europe expects to increase.
The retail centres are in Prague and seven other Czech cities. Albert generates 82 % of the annual rent on Ahold corporate backed leases with a 9.5-year weighted average lease term. Other tenants include Sportissimo, KIK, dm drogerie, Takko and Deichman.
Ben Maudling, Managing Director of Palmer Capital Continental Europe, said: ‘This transaction is a gem. The properties are modern, well-located and fully-let, with first-class tenants. The portfolio fulfils the primary objectives of the Lighthouse entity: high-quality, secure, long-term income. This deal is the second of several similar acquisitions which we are currently pursuing’.
Founded in 2007, Palmer Capital Continental Europe has offices in six countries and manages €300m in property assets, mainly in Central Europe. The company is rapidly growing its holdings in the retail property sector.