European real estate investment manager Meyer Bergman and Healthcare of Ontario Pension Plan (HOOPP) have acquired two shopping centres in the Czech Republic for some EUR 300 mln. The vendor is Multi Corporation.

Debt financing was secured through a consortium led by Ceska Sporitelna. Property adviser Cushman & Wakefield and international law firm Salans advised Meyer Bergman.

The centres are Forum Nova Karolina in Ostrava and Forum Ústí nad Labem, located in its namesake city north of Prague. The acquisition was undertaken through a 50:50 joint venture between Meyer Bergman's specialist retail focused fund, Meyer Bergman European Retail Partners I (MBERP), and HOOPP, which is also an investor in MBERP.

Forum Nova Karolina, based on the initial design of Rem Koolhaas, has 58,000 m2 of gross lettable area and will be the dominant regional shopping centre in Ostrava with planned opening in March 2012. With six months left until opening, it is already over 85% pre-let to major international tenants, such as Albert, H&M, and C&A.

Forum Ústí is a 27,000 m2 prime shopping centre, spread across two levels, which opened in November 2009 on the town’s main square. The centre has benefitted from growing sales and footfall figures since opening. It is currently over 98% occupied, with major tenants including Palace Cinemas, New Yorker, C&A and H&M.

Financing has been provided by Unicredit. Both shopping centres will continue to be managed by Multi Mall Management.

Markus Meijer, chief executive and founder of Meyer Bergman, commented: 'The completion of this transaction with Multi and our co-investment partner HOOPP is a landmark for Meyer Bergman. We believe in the strength of the Czech economy and its retail environment.'

'Multi Development took the decision five years ago to only focus on prime down town locations for developments in secondary-sized cities in the Czech republic,' added Ronald Dasbach CEO for Multi Development Central Europe. 'With this transaction we are glad to see that our philosophy is paying off. This is the first transaction of many between the parties, as we look to cooperate on additional acquisitions in Central Europe and across Europe.'