CBRE Global Investors Acquires Campus Square Retail Center in Brno
CBRE Global Investors, advised by CBRE, has acquired Campus Square in Brno from the developer AIG, for an undisclosed sum. Opened in November 2008, Campus Square is a modern retail park located in Brno, the second largest city in the Czech Republic. The centre consists of ca. 21,800 sq m of retail space and is occupied by 55 tenants and anchored by Tesco.
Campus Square is surrounded by the newly built Masaryk University Campus Bohunice, the University Hospital Brno and the Campus Office Park which remains in the developer’s ownership. The Property serves the residential districts of Bohunice as well as Novy and Starý Lískovec. The park has excellent transport links with the nearby D1 highway exit and the city’s newly opened north bound arterial tunnel.
CBRE expects the retail sector to dominate Czech investment market in 2015. Several large deals that originated in 2014 are closing in the next few months, and further assets are coming to the market later this year. CBRE currently registers over EUR 1 bln of shopping centre investments for 2015 (deals either closed, in negotiations, on the market or in preparation). That would be more than three times the 2014 shopping centre volumes.
Given the lack of prime retail product available on the Czech market and Brno sub market in particular, Campus Square was a rare and a strategic acquisition for our client.
This transaction demonstrates the growing investor appetite for modern, well performing regional retail product in the Czech Republic. We expect this to be the first of a number of similar transactions in 2015.