CA Immo has concluded an agreement with WOOD & Company to sell the Šestka Shopping Center in Prague, continuing its strategic withdrawal from segments that do not belong to the core business.
The center covers more than 27,300 sqm of retail space and had been part of the asset portfolio of CA Immo since 2011. The buyer is a fund of WOOD & Company, the leading investment bank in Emerging Europe. The transaction, which is subject to the standard conditions precedent, is expected to be closed within the next weeks. It was agreed not to disclose the purchase price. Law firm Clifford Chance Prague advised the seller on the disposal.
Frank Nickel, CEO of CA Immo, commented: “Since 2012 we have been focusing our asset portfolio continuously on large, modern office properties in the strategic core markets of Austria, Germany and CEE. The proceeds from these non-strategic sales are mostly reinvested in our current development projects in Germany and new acquisitions in CEE such as the recently announced purchase of the Millennium Towers in Budapest. Target is to drive up the quality of revenue delivered by our asset portfolio and to strengthen our market position in all our core markets.”
Vladimír Jaroš, CEO of WOOD & Company, added: “Šestka Shopping Center is already the second sizeable acquisition in Prague retail market WOOD & Co is about to complete for our fund investors. The first such acquisition was Harfa Shopping Center, which the WOOD & Co fund acquired mid this year. Together with our business partners we will strive to increase the attractiveness of Šestka for its visitors, for the existing as well as new tenants by implementing new concept ideas.”
Šestka Shopping Center offers around 100 shops, a large Albert hypermarket and a balanced mix of retailers as well as a generous food court. It is located within an attractive residential Prague 6 area, in proximity to Václav Havel Airport. The visitors of Šestka Shopping Center benefit from easy access by car or public transport, free parking and a family oriented shopping environment with excellent kids and leisure zones.