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The AFI Palác in the Czech Republic Sold for €83 Million



The AFI Palác shopping center in Pardubice has changed hands in a deal worth €83 million ($103 million). The purchasing party is Atrium European Real Estate Limited.

Atrium is a firm that owns, develops and operates retail real estate and shopping malls across the Central and Eastern regions of Europe. They stated that they financed the deal with existing cash resources. The seller is AFI Europe N.V.

A previous deal between the same two companies in 2011 saw Atrium buy the Palác Flora development off AFI Europe.

The company advising Atrium on the deal was Cushman & Wakefield. The firm’s Alexander Rafajlovic pointed out in a press release that the purchase represented the “positive shift in investor sentiment” in relation to established malls in the regional cities of Central Europe.

Following this purchase, property in the Czech Republic now makes up more than 19% of the Atrium income producing portfolio, in terms of market value. 77% of their developments are in countries which have a sovereign rating of at least A-.

Open Since 2008

The AFI Palác Pardubice shopping complex was opened in 2008. It contains 20,900m2 of retail gross leasing area which are spread across four levels. The bottom two floors are given over entirely to retail units, while a Cinema City and a conference center make up one of the other floors. There are spaces for over 500 cars in the center as well.

There is currently a 96.4% occupancy rate and some of the big name tenants include Intersport, New Yorker, H&M, Sephora and Lindex.

The city of Pardubice is the capital of the region and currently the 10th biggest in the country. It has a population of 90,000 but the shopping center has a catchment area of over 200,000. The AFI Palác is the only modern shopping center in the region and is conveniently located close to the bus station and the train station, as well as being at the intersection of 4 important roads. 

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