This is Focus Estate's third investment in European commercial real estate. The investment fund previously bought Ostrava Retail Park (Ostrava, Czech Republic) and Galeria Sandomierz (Sandomierz, Poland).
The seller of the property TK Development (Denmark) was represented by Dentons. The buy side was backed by Kocián Šolc Balaštík (KSB), KYHOS Real Estate and BDO and the funding was partly obtained from Raiffeisen Bank.
Most Retail Park is an asset with a relatively high vacancy rate, therefore Focus Fund has a challenge to reconceptualise and improve the property in order to increase the profit.
«First of all we need to increase visual and physical accessibility from the adjacent traffic routes and magnets of the area. We are in coordination with the town's mayor's office and the works are already underway. Our main goal is to create additional comfort and convenience for customers of the retail park, this will increase the turnovers and profitability of our tenants», - said Andriy Kozin managing partner at Focus Estate Fund.
The company Cushman & Wakefield will accompany the rental and leasing of the retail park. «We are already in negotiations with well-known lessees. We have reasons to be optimistic since we have successfully worked with major brands all around Czech Republic and believe that the new property management and leasing strategy in Most Retail Park would establish a sustainable leasing and shopping demand», - said Ing. Martin Kubín, Senior consultant, Retail Warehousing, Cushman &Wakefield.
Focus Estate Fund has plans to conclude at least three transactions for the purchase of retail facilities in Poland and the Czech Republic in 2018.
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Most Retail Park is located on the outskirts of Most, a town with 67k iinhabitants, some 40 km away from Czech-German border. Opened since 2009 Most Retail Park offers 6,471 sq.m of commercial space (GLA) and 175 parking spots. Main lessees include Sportisimo, Venator, Auto Kelly, Breno, Cyklo World, Pet Shop, Phase.
About Focus Estate Fund
Real estate investment fund focusing on non-prime retail properties in Central and Eastern Europe. The Fund’s strategy is to invest in the existing mid-scale commercial properties in the most dynamic European markets. The Fund plans to build a 50 mln euro asset portfolio during the next 2-3 years.
