Meyer Bergman, the investment manager specialised in urban mixed-use real estate, has sold the Futurum shopping centre in the Czech city of Hradec Králové to CPI Property Group. Meyer Bergman acted on behalf of its second value-add fund.
Meyer Bergman European Retail Partners II purchased the 39,000 sq.m. shopping centre from a trio of investors in late 2014. Hradec Králové is 110 km east of Prague in the Bohemia region of the Czech Republic and the property is near the ring road, south east of the city centre.
Marcus Meijer, Chief Executive Officer of Meyer Bergman, said: “We took a solidly performing centre and made it more relevant for today’s shoppers. Improving the visitor experience and broadening the centre’s offer have made Futurum a place where people want to spend more time — for meeting up, entertainment as well as for shopping. Our efforts have attracted a range of international retailers to the centre and significantly improved its operational performance.”
Anchored by a Tesco hypermarket and with more than 100 other stores, Futurum features a multiscreen cinema complex and provides parking for 1,310 vehicles.
During the hold period, Meyer Bergman changed the layout of the car park to make it more accessible and easier to navigate, refreshed the entrance and common parts, while creating a crèche and lounge areas within the centre. Its leasing efforts introduced a roster of new operators for the cafés, bars and restaurants; renewed more than 30 leases for existing tenants and brought in international brands such as Columbia, Douglas, Gant and Starbucks to the centre.