Retail parks jumped to the top of the hitlist for real estate investors during the pandemic. So, it’s big news that the developer Portin will be selling off 10 all at once, for which it expects to collect more than CZK 4 billion. Co-founder Jindřich Kukačka says the deal could net Portin as much as CZK 4.5 billion. “Only new projects that we’re just finishing now or will finish next year are up for sale,” he told e15. “They’re retail parks in various locations around Czechia. Some of them are larger projects of between 5,000 and 19,000 sqm of GLA.”
Kukačka and his partner Jiří Kadlec set up Portin two years ago as an umbrella for their retail park project companies. The partners are the owners of the development group KPD Group and Exafin, which is also active in residential projects. Typical retail clients in the portfolio are Billa, Penny Market, DM Drogerie and Datart. Portin is completing new retail parks in Pilsen and in Dolní Břežany near Prague. “We’re not letting any outside capital,” Kukačka told e15. “We want to be a healthy company without any obligations that could influence our decisions. We’ll leave some of the parks in our portfolio, but we have to sell some of them in order to continue investing. He said Portin plans to build nearly 50 retail parks between now and 2026. It plans to complete 20 by the end of 2024.
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