News Room
Blog: IR Mall
31.03.2017
Patrick Kiss
Deutsche EuroShop completes acquisition of the Olympia center in Brno/Czech Republic
Patrick Kiss
Hamburg, 31 March 2017 – The shoppingcenter investor Deutsche EuroShop has successfully closed the acquisition of the shopping center “Olympia” in Brno/Czech Republic today.
On 7 March 2017, the Company had announced the signing of a purchase agreement for the acquisition of 100% of the shares in a property company that is the owner of the Olympia center in Brno. The sellers were two funds (50% each) managed by Rockspring Property Investment Managers and ECE Real Estate Partners respectively.
On 7 March 2017, the Company had announced the signing of a purchase agreement for the acquisition of 100% of the shares in a property company that is the owner of the Olympia center in Brno. The sellers were two funds (50% each) managed by Rockspring Property Investment Managers and ECE Real Estate Partners respectively.
The acquisition increases Deutsche EuroShop’s portfolio to 21 shopping centers, with a market value of some €5.1 billion (100% perspective). Located in the second largest town in the Czech Republic, the Olympia Center opened its doors in 1999 and is one of the country’s biggest shopping centers (85,000 m2). It is expected to generate €15.0 million in rental income in the remaining nine months of 2017. Anticipated NOI for the remaining three quarters is €14.3 million.
The Olympia center will be consolidated as from 31 March 2017 in the financial statements of Deutsche EuroShop.