Palmer Capital has completed acquisition of a portfolio of eight shopping center anchored by Albert hypermarket and two associated retail parks in the Czech Republic for one of the Lighthouse investment funds. Atrium European Real Estate sold the 86,200 sqm portfolio for a price that’s in the vicinity of €100m. Palmer Capital’s role will be to increase the returns produced by the assets in the portfolio. The retail centers are scattered across Prague and seven other Czech cities. Albert generates 82 percent of the annual rent on Ahold corporate backed leases with a 9.5-year weighted average lease term. Other tenants include Sportissimo, KIK, dm drogerie, Takko and Deichmann. The portfolio produces Czech koruna income, which has become increasingly attractive to many Czech-based investors anxious to avoid foreign exchange rate risks and other issues involved in converting euro into the local currency.
