GE Commercial Finance Real Estate Central Europe (“GE”) announces today the acquisition of IGY shopping centre and office building, located in Ceske Budejovice, Czech Republic, from ING Real Estate Development for approximately EUR 44 million.
IGY is a 29,612 sq m mixed-use city centre property comprising a 21,308 sq m two-storey retail centre and an adjacent five storey 8,304 sq m office building. The retail centre, which is fully let, is anchored by a 1,770 sq m Ahold supermarket, a 1,771 sq m unit let to H&M, and a 3,580 sq m fitness centre operated by Factory Pro.
Commenting on the transaction, Karim Habra, Managing Director of GE Commercial Finance Real Estate Central Europe, said:
“We are delighted to have been able to acquire a property in such a unique city centre location and where there is a limited supply of quality, newly developed stock. ING has done a wonderful job in developing a property that is in keeping with the city’s historical centre, whilst providing office and retail space that meets with the high demands of today’s tenants.
”Furthermore this acquisition enables us to continue to grow our exposure to core retail assets in strategic locations across Central Europe.”
For further information please contact:
Financial Dynamics, London
Stephanie Highett/Dido Laurimore, 020 7831 3113
Stephanie.highett@fd.com/dido.laurimore@fd.com
