CBRE Global Investors LLC sold a portfolio of 11 assets in central and Eastern Europe to CPI Property Group, Property Week reported.
The properties, worth a total of €650 million, were held in the Property Fund Central Europe and Property Fund Central Eastern Europe.
The 2.8 million-square-foot portfolio, which is predominantly composed of shopping centers, is in the Czech Republic, Poland, Romania and Hungary, according to the March 29 report. The centers include Olympia Plzen Shopping Centre and Nisa Liberec Shopping Centre in the Czech Republic, Ogrody Shopping Centre in Poland, Polus Shopping Centre and Campona Shopping Centre in Hungary, Felicia Shopping Centre in Romania, Zlatý Andel in Prague, Andrássy Complex in Budapest and two Interspar stores in Hungary.
The sale is in line with the company's business plan, settling its asset management strategy for the properties and also creating value for its investors, CBRE Global Investors fund manager Robert Snincak told PW.