CMS has advised Pradera, one of Europe's leading specialist retail property fund and asset managers, on the Polish and Czech aspects of the transaction concerning acquisition of 25 prime retail parks in eight European countries for EUR 900 million.
The parks, each located beside an Ikea store, have been sold to the Pradera European Retail Parks SCSp fund which is backed by equity investments from private wealth partnership, LJ Partnership. LJ Partnership took a significant minority stake in the business in May 2016.
The portfolio of retail parks situated next to IKEA stores comprises around 500 units with a gross lettable area of around 538,000 sqm. Completion on 17 assets located in Germany, France and Poland is expected on 4 April 2017, with a further eight retail parks in Sweden, Finland, Denmark, the Czech Republic and Switzerland due to complete on 31 August.
Pradera is a market leading specialist fund and asset manager of shopping centres and retail parks in Europe and Asia. Founded in 1999, Pradera’s EUR 2.7 billion portfolio prior to this acquisition comprised 44 shopping centres and retail parks in the UK, Spain, Italy, Germany, Poland, the Czech Republic, Greece, Turkey and China with more than 2,500 stores.
The team was led by partners Wojciech Koczara (Poland) and Lukas Hejduk (Czech Republic) supported by Marcin Pasik, Joanna Pierzchała, Michał Maślak (real estate team), Grzegorz Pączek (corporate team), Konrad Werner (Banking and International Finance) in Poland and Petr Koral, Petr Huk (real estate team) and Lukas Valusek (Banking team) in the Czech Republic. The CMS team was responsible for the due diligence of the Polish and Czech assets and supporting in the preparation of transaction documentation including financing documentation.