Acquisition of Olomouc City shop centre11.10.2012
The Mint Investments real estate and investment group duly paid the auctioned purchase price of EUR 15.1 million for the Olomouc City shopping centre, thereby completing the largest real estate transaction of its kind in history in the Czech Republic. This involuntary auction of a shopping centre with a starting price of EUR 8.6 million was conducted by the auction house Naxos a. s. in the Sacre Coeur Chapel. Clearly there are strong and flexible local investors on the market in the Czech Republic that are able to pay such purchase price in the required 30-day period.
Sebastien Dejanovski, a Partner at Mint Investments, added: “We are glad that we managed to acquire this property for our portfolio at such an attractive price. This real estate transaction was unique in many regards; such a large complex has never been sold in the form of an involuntary auction. There are currently strong tenants in the centre and we are confident that we can unlock the real potential of Olomouc City. Further, it is important that the shopping centre perfectly fits into our portfolio of retail properties. Mint currently manages the shopping centres Laugaricio in Trenčín, Rýnovka in Jablonec, and the Čestlice Retail Park in Prague and several others. Breda&Weinstein in Opava will open in November 2012, a demanding development project right in the heart of the town’s historical centre.”
Lukáš Schirl, the group Partner responsible for asset management, added on the acquisition of the Olomouc shopping centre: “As far as the future of the centre is concerned, we will invest both our time and funds in capital expenditure. Though it is not possible to give any more details at this time, we will capitalize upon the centre’s strengths, such as the very popular Cinestar multiplex and neighbouring Globus hypermarket. We will definitely be striving to expand the offer of shops and services. Olomouc City is already one of the most popular shopping locations in the region and its position will strengthen further in the future.”
Note for editors: About Mint Investments
Mint Investments is a development and investment real-estate company focusing primarily on the retail, office and residential segments. Mint participated since 2004 on 30 projects in the Czech Republic and Slovakia with a value over EUR 1B.
Mint operates in partnership with local and international, institutional and private property investors and typically participates in ownership. Mint´s hands-on approach to asset, leasing, property and facilities management, allow it to define the right property positioning, reduce operating costs, improve the tenant mix and through prudent capital improvements enhance the asset value one project at a time.
About the Olomouc City shopping centre
The Olomouc City shopping centre, which began its operations in 2005, is one of the largest complexes of its kind in the Central Moravian region. It is situated on the northwest edge of the centre of Olomouc along Pražská Street. The total leasable area amounts to approximately 18,000 m2. There are currently 70 shops, restaurants and other businesses located here. The main tenants include, for example, the CineStar multiplex, Sportisimo, Euronics, CCC, Reno, Gate and several others.