ING Real Estate acquired Interspar Liberec Shopping Centre in Liberec, Czech Republic
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ING Real Estate Investment Management Central Europe is pleased to announce their first investment transaction of 2007; the acquisition of the Interspar Liberec Shopping Centre.
The total size of the centre is approximately 10.600 sq.m., of which the hypermarket consists of 5.350 sq.m. There is a restaurant of 544 sq.m. and 290 car parking spaces on the roof of the building. The project was completed in December 2006. The purchase price is approximately EUR 15.6 million.
The project is situated in the town of Liberec, in an established residential area within 5-minutes walking distance from the city centre. Liberec is located in the north of Czech Republic, approximately 90 km from Prague, and has a population of 98,000 inhabitants. The Interspar is the second acquisition of ING REIM in Liberec. In 2004 ING REIM acquired Nisa Liberec, a shopping centre of 23.000 sq.m. which will be extended with 25.000 sq.m. retail and leisure to one of the largest Shopping Centers in the country. The extension of Nisa Shopping Centre will be developed by ING Real Estate Development CR and shall be completed in Q4 2008.
The Interspar Liberec will be contributed to the portfolio of ING Insurance. The property is 100% leased under a 15-year master agreement to Interspar CR who operates the hypermarket and subleases the remaining 5000 sq.m. to to other operators, mainly service providers. The acquisition provides an excellent investment benefiting from long term income.