ING buys shopping centre in Czech Republic

The Netherlands-based firm has added the €125m Nisa Liberec Shopping Centre to its central Europe fund.

ING Real Estate’s central Europe fund has acquired the largest shopping centre in Northern Bohemia, Czech Republic, following its redevelopment by the firm.

The ING Property Fund Central Europe open ended core and value-added fund is buying the asset valued for €125 million ($167 million) following an extensive refurbishing and expansion by ING.

The centre is in the North Bohemian city of Liberec and was built in 1999. Since then, it has doubled in size to more than 50,000 square metres. The number of retail units at Nisa Liberec shopping centre has been increased from 70 to more than 160.

The fund comprises 16 institutional investors and invests in Poland, the Czech Republic, Slovakia, Hungary, Romania and Austria.