Following GE Capital’s decision in 2015 to withdraw from its world-wide real estate activities, Avestus has recently completed the purchase of GE’s interests in two long standing real estate joint ventures in Central Europe. Avestus has arranged to acquire GE’s 33% ownership in Explora Business Centre in Prague, Czech Republic and its 50% interest in the Mall of Plovdiv shopping centre in Plovdiv, Bulgaria, as a result of which Avestus now has full management control of both properties.
Explora Business Centre is a landmark 21,000 sqm office building located in the Prague 5 commercial district, one of the capital city’s most dynamic and fastest growing business destinations. The property was designed and constructed to a high Class A standard by our inhouse development team in Prague and offers some of the largest floor plates available in the city. The income is secured by a mix of strong, institutional quality tenants which in the main have been in occupation since completion and who enjoy excellent connectivity, given a high car parking ratio, easy access to the city’s ring road and direct access to a metro station which is located directly below the building.
Mall of Plovdiv is a leading 22,000 sqm shopping centre in Bulgaria’s second largest city. Avestus has been actively managing the centre since its opening in 2009 and has successfully brought a number of international retailers to the property, including H&M, Adidas and Bershka. With a dedicated team on the ground in Sofia and Plovdiv, Avestus continues to provide full asset and property management services across a number of commercial assets in Bulgaria.