The first forced auction of a shopping center in the Czech market will be organized by the Naxos agency in August. The owner, aAIM Czech Republic, failed to pay back its loan on the center, called Olomouc City, leading the lender, Credit Suisse, to put the property up for auction. The value of the 18,000 sqm project has been estimated at CZK 430m, but the initial offering has been set at CZK 215m. Olomouc City center was completed in 2005, and has been 90 percent leased. The annual revenue is €2.5m (CZK 64m).
