The Valad Central Europe Retail Partnership (VCERP) purchased Galerie Butovice shopping center in Prague 5 from ING Real Estate Finance. The price of the deal was not disclosed. This was VCERP’s first acquisition. The fund, managed by Valad Europe, is targeting CE retail markets. ING Real Estate Development sold the 36,500 sqm Galerie Butovice in 2005 to Australian Babcock & Brown for €104m. The investor withdrew from the European market in 2009, handing over the keys to ING Real Estate Finance in 2010. Facility manager DTZ changed the tenant mix to better suit the location, emphasizing the leisure component and food court.
