The new owner was assisted by consultants from CBRE. Commercial real estate consultancy Cushman & Wakefield also played a role in the transaction, according to information obtained by E15 daily. Similarly renowned names took part in the legal side of arranging the deal. The seller was represented by law offices Freshfields and Wolf Theiss, as well as lawyers from Deloitte, while Clifford Chance served the buyer.
The seller, Hannover Leasing, has retained a minority stake in Palladium. Additionally, under a consultancy contract, the firm will continue to secure the administration of the assets of the shopping centre’s owners.
Palladium opened in 2007 on the site of a former barracks located off Náměstí Republiky square. The complex has 41,000 square metres of retail space and 18,000 sqm of offices. For traders looking to make their mark in shopping malls, Palladium is one of the most prestigious addresses. Retail professionals anticipate that this year will prove very successful for firms involved in retail real estate. “For 2015 we are currently registering investments in shopping centres, including Palladium, that surpass the height of one billion euros.
That includes deals that are closed, or under negotiation, on the market or prepared. It would mean an investment volume into retail spaces three times higher than what was seen in 2014,” said Katarína Brydone, Associate Director of Capital Markets for CBRE.
Among the last wave of the biggest shopping mall transactions was a deal involving Prague’s Arkády Pankrác. Atrium European Real Estate paid developer Unibail- Rodamco more than EUR 150m for a majority stake in the three-floor mall.