The requested news item does not exist. Please return to News
Prague, 03 July, 2015 – Unibail-Rodamco SE has announced the closing of the disposal of its interest in Arkády Pankrác in Prague, Czech Republic to Atrium European Real Estate. JLL acted as the exclusive sales agent for Unibail-Rodamco SE. The Otto family will continue to own the remaining 25% share.
The total acquisition cost was €162m, representing a net initial yield of 5.65% and an average value of €5,361 sqm. This deal was first announced in January 2015.
Constructed in 2008, Arkády Pankrác is a prime 40,400 sqm shopping centre, located at the junction of two major roads in Prague 4, a high density residential area and business location.
Arkády Pankrác is almost completely occupied by 120 retail tenants comprising a strong mix of mid to upper segment retail brands which are primarily orientated towards fashion. Key and anchor tenants include an Albert Hypermarket, a Datart electronics store, H&M, New Yorker, Humanic, Peek & Cloppenburg, as well as Inditex and LPP Group fashion brands. The centre welcomed 11 million visitors during 2014.
Jeremy Eddy, International Director, EMEA Retail Capital Markets at JLL said, “The retail investment market in Europe is currently characterised by strong demand from numerous buyer groups seeking dominant retail destinations with strong growth potential. Arkády Pankrác offers these characteristics, as does the Czech retail market.”
“We are witnessing strong demand for all countries across Central Europe and the European region which has in large continued despite the political and economic instability in Greece. With our pipeline projects and volumes transacted to date, 2015 retail volumes will exceed the previous record volumes of €40.1bn recorded in 2006. Purchasers, however, remain vigilant and disciplined in the underwriting.” Added Eddy.
Stuart Jordan, Head of Capital Markets, JLL Czech Republic said, “JLL were very pleased to again advise Unibail-Rodamco on their latest European transaction. The pricing of the transaction is reflective of the investment grade quality of the asset and the continued appetite for core retail assets in the Czech Republic, not least driven by very positive early-year economic results.”
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015, and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
For further information, visit www.jll.ru
Head of PR
+7 495 737 8000