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Prague, 27th September 2011 – AFI Europe and Avestus Capital Partners concluded the sale of Palác Flóra, one of the dominant mixed-use schemes in Prague, to Atrium European Real Estate Limited for €191 million. Jones Lang LaSalle acted as real estate advisor to the sellers, while Salans provided legal advice.
George Lewis, Head of Capital Markets at Jones Lang LaSalle, commented: “The transaction is a further example of investors’ strong appetite to acquire dominant shopping centres in key locations. The buyer was quickly able to arrange new bank financing for the acquisition which follows trend in 2011 of new financing accompanying major transactions. The willingness of banks to finance large investment volume on prime product has helped to underpin investor confidence in CEE.”
Palác Flóra was opened in 2003 and has 20,000 sqm of retail and 17,600 sqm of office accommodation. The retail is anchored by Albert supermarket, an eight screen Cinema City with IMAX 3D auditorium, and is fully let to a strong mix of international and local brands including Reserved, Cottonfield, Gant, Intersport, Lacoste, Levis, Miss Sixty, Pepe, Sergio Tacchini, Triumph and Vodafone. The office element is leased to a range of international and local businesses including Exxon Mobil, Danone, Xerox and others.
Palác Flóra is located in Vinohrady, one of the most desirable and affluent residential areas in Prague. The project benefits from direct access from the Flora metro station and excellent bus and tram connections which plays a significant part in sustaining the attractiveness of the scheme.
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