Ontario Pension Plan JV sells shopping center in Czech Republic

A joint venture between the Meyer Bergman Fund, Meyer Bergman European Retail Partners I and the Healthcare of Ontario Pension Plan (HOOPP) has sold Nová Karolina shopping center in Ostrava, located in the Czech Republic, to the country’s largest mutual fund, ČS nemovitostní, managed by REICO.

The Meyer Bergman and HOOPP joint venture acquired the Nová Karolina new development just prior to its opening in 2012.

Nová Karolina has more than 58,000 square meters (624,000 square feet) of gross lettable area and is the dominant regional shopping center in Ostrava, the Czech Republic’s third-largest city, with a catchment area of 1.2 million people. The center comprises 277 retail units including brands such as C&A, Albert hypermarket, Marks & Spencer, Peek & Cloppenburg, Cinema City, H&M, Intersport and others. Nová Karolina also benefits from excellent urban transport links and its close proximity to the local tram network and bus station.