TAM buys 9 Slovak retail parks from KLMre
Tatra Asset Management (TAM) has acquired a portfolio of nine regional retail parks in Slovakia. The seller, which was represented by the real estate consultancy company CBRE, is KLM Real Estate (KLMre). The deal includes the pre-emptive right for other retail parks that the developer is currently preparing. The portfolio is composed of retail parks spread across much of Slovakia and has a total rental are of 35,000 sqm, all of which was built in the last three years. The assets are fully-occupied by a total of 70 tenants, including brands such as Billa, Deichmann, Takko, KIK, DM Drug, PEPCO and Planeo Elektro.
The seller and buyer have agreed not to publish the transaction price. Yearly revenues from renting the retail space amount to more than € 3.8m per year. "We have decided to sell part of our portfolio to the investment fund, however, we continue to stay active in managing and renting all business centers through our subsidiaries, " said Rastislav Čačko, co-owner of KLMre.
Retail projects currently create one third of the total TAM real estate funds. We are convinced that the composition of renowned tenants and strategic regional locations provide a good starting position for future portfolio value growth, "says Martin Ďuriančik, Vice-Chairman of the Board of Directors of Tatra Asset Management.