Unibail-Rodamco-Westfield has announced the sale of a 25% stake in the Centrum Cerny Most shopping center in Prague to Upvest and RSJ Investments.
The 85,000-square-meter Centrum Cerny Most shopping center is currently being extended by 9,000 square meters, with new retail, dining, and leisure facilities to be delivered in 2026. In addition to their acquisition of a 25% stake on the sopping center, Upvest and RSJ Investments have the option to acquire an additional up-to-24% within the next two years based on the appraisal value at that time, taking into account the benefit of the ongoing extension.
According to URW, which will continue to manage the asset, “the transaction is achieved at an implied offer price of EUR 553 million (at 100%), in line with the last unaffected book value.” In addition, URW reports, “as part of the transaction, the asset has been financed with a green mortgage loan of up to EUR 268 million, the largest syndicated commercial real estate loan in the Czech market since 2023, that will be partly used to
finance the ongoing shopping mall extension.”
URW reports a net-debt reduction of approximately EUR 0.1 billion, and reports that it has now completed or secured EUR 1.6 billion of transactions since January 2024, “which will reduce the group’s proportionate net debt by the same amount.”
Image source: www.darkovakarta-centrumcernymost.webnode.cz