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credit: G City Europe
credit: G City Europe

G City Europe completes purchase in Prague

G City Europe Limited, has completed the purchase of a remaining 25% stake in the Arkady Pankrac Shopping Center in Prague, Czech Republic for a consideration of 60.5 million Euro.

The Company financed the transaction with UniCredit Bank Czech Republic and Slovakia and raised 112 million Euro secured loan with tenor of five years. The remaining part of the proceeds will be used to repay G City’s current debt.

Considering that G City has previously acquired a 75% ownership back in 2015, with this new acquisition it consolidates it’s ownership, and following this transaction the company will own 100% of the Center.

Arkády Pankrác opened in 2008 and is a prime modern shopping center comprising 38,700 sq m of retail GLA, as well as 1,030 sq m of office GLA, along with parking for 1,100 cars. The center is well established as one of the principal shopping centers in Prague and leased 96%. It is very well served by public transportation including an existing metro stop and will in due course benefit from the opening of an interchange stop on the second metro line currently under construction. The transaction includes the adjacent land plot of 5,400 sq m with building rights of 22,500 sq m.

ECE Projektmanagement Praha s.r.o. will continue managing Arkády Pankrác.