The property is located in the small town of Mnichovo Hradiště, which lies around one hour’s drive north-east of Prague. The total investment costs add up to 2.6 million euros, and the completion is scheduled for the second quarter of 2020. The company plans to keep the asset in its portfolio long-term.
At the start of construction in August 2019, the property was already pre-let in its entirety. The retail park will accommodate the established retailers Planeo (consumer electronics), dm (drugstore), Super Zoo (pet supplies) and Pepco (non-food, decoration, furniture, textiles). The new Vendo Park will be built directly next to a Penny supermarket that is already part of Trei’s portfolio. Together, the two retail properties comprise a lettable area of 3,300 square metres, with the Vendo Park accounting for 1,800 and Penny-Markt accounting for 1,500 square metres thereof. The amount that Trei invested in both assets totalled 4.1 million euros.
Pepijn Morshuis, CEO of Trei Real Estate, commented: “The Czech Republic is one of the most important markets for expanding our retail real estate portfolio in Central and Eastern Europe, second only to Poland. As a property type, Vendo Parks have proven sustainable. This is demonstrated not least by the fact that leases for all of the premises are already in place as we are about to start the actual construction work. The development in Mnichovo Hradiště brings us one step closer to our goal of operating around 50 retail parks in Poland, the Czech Republic and Slovakia.”
At this time, Trei’s portfolio includes another five Vendo Parks in the Czech Republic. These assets are located in the towns of Jablonec nad Nisou, Kyjov, Mohelnice, Roudnice nad Labem and Vlašim. Aside from Poland, Trei uses the Vendo Park brand to plan, develop and manage retail parks in the Czech Republic and in Slovakia. At the moment, Trei owns 23 Vendo Parks in the mentioned countries.