Adventum Group’s largest deal to date – a portfolio of 18 retail parks anchored by Tesco across Hungary and the Czech Republic with a GLA of 360,000 sqm let to over 900 tenants – has come to a successful completion and with this transaction Adventum’s assets under management has reached €1 billion.
Kristóf Bárány, Founding Partner of Adventum commented: “Despite the uncertainty in the global capital markets over the past months our commitment to complete this transaction has been always supported by our investors and financing banks alike which is a testament to the investment strategy and the core acquisition and asset management skills of Adventum as well as the resilience of this food anchored retail park portfolio. In unprecedented times of market turbulence, this food-anchored retail park portfolio offers safe haven for Adventum’s investors seeking inflation-adjusted returns and robust cash flow. By executing our ESG-focused refurbishment program and by the planned further diversification of the tenant mix with local and international tenants, we believe this retail park portfolio will serve the needs of local Hungarian and Czech consumers even better.”
A banking consortium of OTP Bank Plc. and Erste Group (Erste Group Bank AG and Erste Bank Hungary Zrt.) has entered into a new €150 million acquisition facility to finance the acquisition of the portfolio.
Deloitte Legal and Deloitte Advisory teams assisted Adventum Group during the transaction by providing structuring, legal, financial and tax due diligence services. Hümpfner Law Firm advised in corporate legal matters while ESTON and Savills supported Adventum Group in the commercial brokerage and underwriting and CBRE in the ESG, valuation and technical due diligence. The banks were advised by CMS on legal matters.