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Prague, 25 June 2013 - The Czech and Slovak Property Fund finalised another significant transaction having sold its project OC Rýnovka Jablonec to Bluehouse Capital, a fund specialising in regional retail assets across CEE. OC Rýnovka will complement the existing portfolio of two other retail assets owned by Bluehouse in the Czech Republic.
The project is the dominant shopping destination in Jablonec nad Nisou. The asset was completed in 2009 and offers around 15,400 sqm of net rentable retail area which is fully leased by Interspar, who operate a hypermarket and attached retail gallery, sub-leased to tenants including: Hervis Sport, KiK, dm Drogerie, Deichman, Okay Electronics and others.
Radka Kuzicova, Fund Director of CPDP2, commented: “The sale of Rýnovka is the fourth transaction successfully closed by the fund in last six months. All transactions met the fund investor’s exit criteria. During the sale we also experienced a positive approach of the financing bank in supporting the transaction. All these successful transactions have highlighted an improved activity on the market, as well as reflecting the importance of high quality asset management. It is true that transactions take a rather longer time to conclude and that investors undertake a detailed and thorough underwriting process, although ultimately this tends to result in a benefit to both parties.
Dušan Šťastník, Associate Director at Jones Lang LaSalle in Prague, who represented the Seller in this transaction, has commented: “This is a key transaction in the Czech market and it demonstrates that there is an appetite and willingness to transact quality retail projects in regional areas, not only in larger cities.“
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