Colliers International Advises on Acquisition of €100m Czech Retail Portfolio
Prague, 15 February, 2016 — Colliers International today announced that it advised Palmer Capital Continental Europe in the acquisition of a portfolio of eight Albert-anchored hypermarket centres and two associated retail parks in the Czech Republic for 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.
Tomas Berka, Senior Associate Investment, Colliers International Czech Republic said: ‘Our team is pleased to have been involved in this significant acquisition and we foresee that the improving economy will continue to bolster retail turnovers.’
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 our fund: high-quality, secure, long-term income. This deal is the second of several similar acquisitions which we are currently pursuing’.