TREI Real Estate Czech Republic and CPI Group have closed the sale of a food retail properties portfolio
Real Estate Czech Republic sells nine supermarkets
Prague, October 22, 2012 – TREI Real Estate Czech Republic has completed the sale of a portfolio of retail properties to CPI Group, the Czech leading investment and development holding. The properties included in this portfolio are 9 supermarkets in the Czech Republic leased to Penny Market or Billa for in excess of 10 years.
The portfolio provides a diverse geographical exposure, with supermarkets located in the following towns and cities: Dobříš, Holešov, Holice, Jablonec nad Nisou, Liberec, Říčany, Semily, Tanvald, and Turnov. Total leasable area of the properties includes 10 900 sq m.
TREI was advised by Colliers International on selecting a purchaser and assisted with due diligence and negotiation of the SPA. The deal was legally supported by Kinstellar, acting on behalf of CPI Group and CMS Cameron McKenna, acting for TREI throughout the due diligence and in the negotiation of the legal documents.
“TREI have successfully capitalised on the value of their portfolio of standing assets in order to invest in their pipeline of VENDO PARK developments in the Czech Republic and Slovakia” said Björn Fraeb, Head of Portfolio Management & Business Development, TREI Real Estate GmbH (Germany).
“CPI Group has acquired a geographically diverse portfolio providing solid income secured against the excellent covenants of Penny and Billa for in excess of 10 years.” said Martin Němeček, Director of Acquisitions, CPI Group.
“This is an excellent transaction for both parties,” said Chris Sheils, MRICS, Director, Colliers Czech Republic Investment Services. “There have been very few transactions of this type in recent months and it underlines the attractiveness of long leased, retailer backed income, to investors.”