Rockspring and ECE sell Czech shopping center for €374m
ECE Real Estate Partners and Rockspring Property Investment Managers have sold Olympia shopping center in Brno, Czech Republic, to Deutsche EuroShop for €374 million ($394 million).
The transaction is expected to complete by the end of March.With a leasable area of approximately 915,000 square feet and more than 200 shops, Olympia is the largest regional shopping center in the Czech Republic.
“We are delighted that we have been able to divest our first property with a considerable increase in value about six years after the first ECE Fund was launched,” said Volker Kraft, managing director of the investment management company ECE Real Estate Partners, in a statement.
Rockspring, acting on behalf of a separate account mandate, and ECE Real Estate Partners, acting on behalf of the ECE European Prime Shopping Centre Fund, acquired the asset in 2011 in a 50-50 joint venture. ECE Projektmanagement has managed the shopping center since then and will remain respo