ING Real Estate has acquired a retail complex in Pilsen, Czech Republic for approximately €16 million ($25 million). The property was acquired through its ING Property Fund Central Europe.
The newly-built retail complex, Retail Parc Pilsen, was developed by Multi Development Czech Republic and opened in November 2007. The complex comprises eleven retail units with brands such as Intersport, Okay, Siko and Halfords Maxx. The property totals features 8,200 square meters of rentable space and 500 parking units.
Located at the southern edge of Pilsen, at the junction of the D5 motorway connecting Germany with Prague, the complex is the “dominant shopping center” in the region, according to the firm. It is also adjacent to the Olympia Pilsen shopping center, part of ING’s Property Fund Central Europe portfolio.
Earlier this month, the global real estate investment firm appointed two new country managers in Hungary and the Czech Republic to source deals in the area. Pal Baross was appointed as country manager, development, for Hungary and Bohumil Mach as country manager, development, for the Czech Republic.