ING Real Estate has acquired the Nisa Liberec Shopping Centre, valued at EUR 125 mln, in the Czech Republic. Following an extensive refurbishing and expansion, the property has been added to the ING Property Fund Central Europe.
ING Real Estate has acquired the Nisa Liberec Shopping Centre, valued at EUR 125 mln, in the Czech Republic. Following an extensive refurbishing and expansion, the property has been added to the ING Property Fund Central Europe.
The shopping centre is located in the North Bohemian city of Liberec. The property was first built in 1999 and has doubled in size to over 50,000 m2 of retail area. The number of retail units at Nisa Liberec Shopping Centre has been increased from 70 to over 160, attracting numerous new retailers. The car park was extended to offer 1,800 places, ING Real Estate said.
As a result, Nisa Liberec is the largest shopping centre in Northern Bohemia. The mall boasts a new multiplex cinema with eight theatres and 1,200 seats. In total, 4,000 m2 of leisure space was added.
Will Rowson, chief investment officer ING Real Estate Investment Management Europe, said: 'We are delighted with the completion of this project. It shows the added value ING Real Estate can deliver based on its cross-division capabilities. The refurbishment and expansion of Nisa Liberec is a perfect example of how we put our expertise to work for investors.'
