With the sale of AFI Palac Pardubice, JLL closes-in on €1bn Czech commercial real estate investment in 2014
10.11.2014Company: Amcham
JLL, acting as exclusive disposal agent to AFI Europe, have successfully advised on the sale of AFI Palac Pardubice, a 20,000 sqm shopping centre in the Czech city of Pardubice. The buyer was Atrium European Real Estate; the price has not been disclosed. The centre, first opened in 2008, is located in the very centre of the city and includes tenants such as H&M, Tommy Hilfiger, New Yorker and Gant. The retail line-up is further complimented by a conference centre, multiplex cinema, food court and adjoining Tesco supermarket - generating nearly 10 million shopping centre visitors per year.
Stuart Jordan, Head of Capital Markets at JLL commented; “The disposal is indicative of the significant interest in well performing dominant shopping centres in the Czech Republic. We were delighted to be able to work with AFI Europe again here in the Czech Republic, following our successful sale of Palac Flora on their behalf in 2011.”
Along with other major mandates in 2014, including the disposal of the Bora Bora Portfolio on behalf of Tristan Capital Partners, acquisition of Rudná Business Park for Prologis, sale of Burzovní Palac (housing the Prague Stock Exchange) and a selection of other transactions either finalised or set to conclude by year end, JLL expect to report €1bn of institutional commercial real estate transactions for the year out of a trading volume widely predicted to reach ca. €2bn.
