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Retail developer Unibail-Rodamco-Westfield (ASX:URW) – which operates 71 shopping centres in Europe and the United States under the Westfield brand – has sold a 25% stake in Centrum Černý Most in Prague.
The €553 million transaction comes during a busy period of upgrades at the 85,000 square metre centre – described as ‘one of the strongest and best-performing destinations in Prague’ – where an extension of 9,000 square metres is to be added in 2026, including new retail, dining and leisure facilities.
As a result of the transaction, the involved parties will commence a long-term joint venture, with Upvest and RSJ Investments able to acquire a further 24% stake in the next two years (based on the appraisal value at that time).
The transaction will be completed with an implied offer price of €553M, and the asset – which will continue to be managed by URW – has been financed with a green mortgage loan of up to €268 million; the largest syndicated commercial real estate loan in the Czech market since 2023.
The loan will be partly used to finance the ongoing extension.
URW has been trading at $6.20.
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