Cromwell Property Group (“Cromwell”) and York Capital Management (“York”) have sold Galerie Butovice shopping centre in western Prague, Czech Republic, for a price in excess of €80 million to INVESTIKA real estate fund.
Galerie Butovice shopping centre is situated in the western part of Prague within walking distance from the Nové Butovice metro station and on the busy intersection of Radlická and Jeremiášova Street. In close proximity are densely populated residential areas, office developments and several other planned development projects. The natural catchment area covers more than 80,000 inhabitants and due to easy access for cars and pedestrians from the nearby metro station, the shopping centre has high footfall.
The shopping centre was originally purchased by Cromwell and York in 2014 for €41.5 million. There has been significant improvement since opening in 2005. During the years 2016 and 2017 the shopping centre was modernised and partially redeveloped to add an extra 15,000 sqm of space, which includes a new 3-storey KIKA shop along with new underground garages. The total area of the new Galerie Butovice is therefore 51,500 sqm, making it the sixth largest shopping centre in Prague. The shopping centre is currently home to more than 90 occupiers including Prague’s third KIKA store, refurbished Ahold hypermarket with the latest concept, a large fitness centre, sauna world and parking for 1,400 vehicles.