CA Immo has sold two Czech shopping centres for €96m to CPI. The price reflected a 7.5-8% yield.
The Austrian property company sold the Olympia shopping centres in Teplice and Mladá. The assets came out of the C1 Fund, a joint venture with Union Investment.
The rentable area in the Mladá Boleslav Center comprises 21,884 m2 and the Teplice centre comprises 32,157 m2.
“This successful sale is a first step in the strategy we announced at the start of the year, of focusing our portfolio in terms of both type of use and region,” said Bruno Ettenauer, chief executive of CA Immo. “The transaction also underlines the perceptible upturn in the property investment market in eastern Europe.”
Cushman & Wakefield advised the buyer.
