Gemo Development has finalized the sale of the Frýda shopping center to ZFP realitní fond, managed by ZFP Investments. Gemo completed the shopping center in cooperation with TK Development at the end of 2014. Located in Frýdek-Místek, a city in north Moravia, the 15,000 sqm scheme offers 69 units and is 97 percent leased. Tenants include a Billa supermarket, H&M, Sportisimo, New Yorker, Reserved, dm drogerie and Orsay. Bohumil Mach, Gemo’s executive director, said that the sale, completed 27 months after Gemo signed on to the project, has increased the developer’s acquisition appetite. ZPF bought the property in cooperation with a private investor with experience in operating shopping centers. The real estate fund’s portfolio value increased to CZK 2.7bn. ZPF recently bought the KPMG headquarters in Prague and the Penny Market distribution center.
