Czech shopping centre Forum Ústi nad Labem sold
Forum Ústi nad Labem, a shopping centre in Ùsti nad Labem, Czech Republic, has been sold to New Europe Property Investments PLC (NEPI) for €82.6m.
The centre was sold by Meyer Bergman, which had acquired it in 2011 and says it is "the only modern shopping centre suitable for big brand multinational retailers in the North Bohemian region." Forum Ústi nad Labem is one of the 10 busiest shopping centres in the Czech Republic, attracting 8.6m visitors a year. Tenants include Adidas, H&M, C&A, New Yorker, Tommy Hilfiger, Nike, Deichmann and a five-screen Cinema City.
Mark Gamble, Head of Asset Management at Meyer Bergman, said: "Since acquiring the asset, we have improved the tenant mix and cashflow performance while cementing its position as the dominant shopping centre in Northern Bohemia. This has enabled us to bring in 30 new brands, many of them international, as we carried out the first wave of lease renewals. With the city-centre asset well-established in its catchment area, it was time to crystallise value for our investors."
Ùsti nad Labem is located close to the German border and is an important junction in the pan-European railway network and on the route of the main motorway linking Prague to Berlin.
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