Czech group CPI Property Group will acquire 11 shopping centers in the region, including the Felicia mall located in Iasi, Romania, from two funds managed by CBRE Global Investors.
CPI is controlled by Radovan Vitek, one of the richest people in the Czech Republic, with a net worth of some USD 1.6 billion, according to Forbes.
The shopping centers CPI acquired are located in the Czech Republic, Hungary, Poland, and Romania. The deal will be completed in the first quarter of this year.
The Felicia mall was opened in 2007 and has a rentable area of 28,500 sqm. The Czech media, quoted by Reuters, estimates that the transaction amounts to €650 million. The whole traded portfolio has a rentable area of 265,000 sqm.
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...