Palmer Capital Continental Europe has completed the acquisition of a portfolio of eight Albert-anchored hypermarket centres and two associated retail parks in the Czech Republic for the Lighthouse vehicle, one of its nine managed investment funds and vehicles.
![Ben Maudling](http://retailnews.cz/wp-content/uploads/2016/02/Ben-Maudling-200x300.jpg)
The vendor was Atrium European Real Estate and the purchase price was in the region of €100m. The portfolio comprises a total lettable area of 86,200 square metres and delivers a beneficial core plus return which Palmer Capital Continental Europe expects to increase.
The retail centres are in Prague and seven other Czech cities. Albert generates 82 % of the annual rent on Ahold corporate backed leases with a 9.5-year weighted average lease term. Other tenants include Sportissimo, KIK, dm drogerie, Takko and Deichman.
Ben Maudling, Managing Director of Palmer Capital Continental Europe, said: ‘This transaction is a gem. The properties are modern, well-located and fully-let, with first-class tenants. The portfolio fulfils the primary objectives of the Lighthouse entity: high-quality, secure, long-term income. This deal is the second of several similar acquisitions which we are currently pursuing’.
Founded in 2007, Palmer Capital Continental Europe has offices in six countries and manages €300m in property assets, mainly in Central Europe. The company is rapidly growing its holdings in the retail property sector.
Source: Best Communications
Prague, 10. February 2016