Trigea has officially completed the purchase of Arcade Pankrác for more than CZK 6 billion

by   CIJ News iDesk III
2024-02-01   11:06

Real estate fund Trigea has officially completed the purchase of Prague's Arkády Pankrác shopping centre. The price exceeded CZK six billion and is the largest transaction of domestic retail funds in the Czech Republic. Trigea announced this in a press release today. Arkády Pankrác was owned by the Israeli company G City through Atrium Pankrác, which bought the company in 2022.

"The fund has long sought to strengthen its retail business, so the purchase of this centre is in line with its long-term business strategy. The acquisition of Arcades is proof that domestic capital is already playing and will play an increasingly important role in the future," said Tomáš Trčka, Trigey's general manager. Since 2000, three major shopping centre transactions have taken place in the Czech Republic. These were Palladium, OC Letňany and Olympia Brno.

The Office for the Protection of Competition (ÚOHS) allowed Trigea, a fund of the Partners group, to buy the owner of the Arkády Pankrác shopping centre at the beginning of January this year. The entire shopping centre came under G City last spring, until then a quarter of the shopping centre was owned by its developer, German company ECE Projektmanagement. Arkády Pankrác was completed in 2008 and includes about 40,000 sqm of leasable space. It is approximately 96 percent leased.

Trigea Real Estate Fund was established in 2019 and focuses on commercial real estate, mainly office and retail buildings. In 2022, the fund achieved a 61 per cent growth in turnover to CZK 121 million, had a profit of CZK 30 million and managed a portfolio of CZK six billion for clients. It currently manages eight billion crowns of capital for investors.

The fund operates in the Czech Republic, Slovakia and last year also focused on the Polish retail market. The fund's assets include Prague's Galerie Louvre, the Explora Business Centre office building in Prague's Butovice district, the Rokycanská Shopping Centre in Plzeň, Retail Park Ostrava and Retail Park Haná in Olomouc.

Trigea belongs to the Partners financial group, which also includes the Partners investment company, the pension company Rentea, the insurance company Simplea and NextPage Media, which operates the websites Pení and and the magazine Heroine.

Source: CTK
Photo: Arkády Pankrác shopping centre