Fashion Arena Outlet Centre near Prague to be sold for €76.5m
The Fashion Arena Outlet Centre near Prague in the Czech Republic has been put up for sale for around €76.5m.
The owners, TK Developments and LMS Outlets, have appointed GVA to market the 270,000 sq ft scheme for a net initial yield of 8%.
The 109 unit scheme has a projected total rental income for 2012 of around €6.22m.
Rob Bould, chief executive of GVA, said: “This is an outstanding investment opportunity given the country’s robust economic performance indicators and the nature of the Prague market which differs significantly from the rest of the Czech Republic. The city’s GDP per capita runs at nearly €43,000, nearly double that of the rest of the country. The scheme therefore stands to immediately benefit from the captive population with a high disposable income level.”
The site is located 25 minutes east of central Prague and is let to tenants including Nike, Adidas, Tommy Hilfiger, Gant, Levi’s, Next and Mango.