IAD Investments Asset Management subsidiary ZFP Investments purchase the Penny Market Distribution Centre in Prague
ZFP Investments as the subsidiary of IAD Investments Asset Management has successfully purchased the Penny Market Distribution Centre. Penny Market became the further real estate asset into portfolio of Real Estate Fund ZFP Realitní fond managed by Czech Asset Management Company ZFP Investments.
“We are very happy we found and realised such an attractive asset and in the currency of the Czech Crowns. Real Estate Fund ZFP Realitní fond portfolio will be enlarged by a high quality project with the remarkable potential,” said Peter Lukáč, MBA, Member of the Board IAD Investments.
The property located in Radonice (Praha-vychod) is the main distribution centre and headquarters for Penny Market in the Czech Republic. Having been built in 2000 and having an expansion in 2007, the centre comprises a total of 40,152 sqm. The facility was originally developed by Plus – the former discount supermarket operator owned by Germany’s Tengelmann group – which in 2008 was purchased by Penny’s owner, REWE Group.
Penny Market is the second significant real estate in the portfolio of ZFP Realitní fond after previous year´s acquisition of Florenc Office Centre in Prague.