Naše projekty
Galerie Butovice
1 The Opportunity
Galerie Butovice was a 36,000 sq m shopping centre in Prague, which had been struggling since its opening in 2005. The most problematic period was 2013-2014 when main part of the first floor was closed.
The asset was bought by Cromwell Property Group in 2014 and Cushman & Wakefield was appointed for property management and leasing. The project needed significant redevelopment including layout changes, new vertical communication, extension of the F&B segment, tenant mix improvements and especially saturation of the first floor with very high vacancy.
The market position of the shopping centre was very poor with very low demand from tenants. The performance of current tenants was average. Hypermarket Albert occupied 30% of GLA and represented 46% of rental income with clear strategy to downsize. For the Landlord, this situation represented a future that was either very problematic and risky or that had a huge potential for value-adding strategy if successful.
"Redevelopments of shopping centers and improving the quality of catering and leisure is a trend we see across the whole of Europe. The new Galerie Butovice was transformed exactly in this spirit and consolidated its concept of a comfortable shopping center."
- Jan Čížek
2 The Solution
Cushman & Wakefield was involved in the whole redevelopment since the very beginning including consultancy of the future layout, ERV, tenant mix and others.
Important part were our B2B marketing materials to present the future of the project, fully prepared by Cushman & Wakefield.
We negotiated a deal with KIKA for the extension of the centre by 15,000 sq m, prolongation of the hypermarket's contract, layout changes of 85% of the centre, new anchors including New Yorker or Lindex and 37 new tenants. Close cooperation between the client, property management, retail leasing team and client's project management team brought significant improvement of the KPI.
New marketing communication, new logo and design changed B2C communication resulting in turnovers increase.
3 The Result
After 4 years of cooperation the redevelopment is finalised and the client is in the exit phase of selling the asset. GLA of the shopping centre increased by 15,000 sq m, which along with other changes including mall turnover increase, rental income increase and occupancy increase resulted in 100% asset value increase.
In 2019 the asset was succesfully sold and Cushman & Wakefield's Investment team assisted the seller.
From the client
"Cushman & Wakefield's Retail Asset Management team have proved that they are able both to define a new concept of the project and convince the market. We appreciate their persistence and positive results. "
David Svoboda
Head of Asset Management CZ&HU
MEET THE TEAM
Related News
Brněnský kancelářský trh ve znamení nejistoty
Většinu kancelářských nájemců v Brně dlouhodobě tvoří především mezinárodní centra sdílených služeb a technologické firmy, v posledním desetiletí však zájem tohoto typu společností umístit zde své sídlo postupně ochladl.
3/1/2023
Cushman & Wakefield získává ocenění Nejlepší agentura kapitálového trhu na ThePrime Real Estate Gala
Realitněporadenská společnost Cushman & Wakefield získala ocenění Nejlepší agentura kapitálového trhu a potvrdila tak svou vedoucí pozici na českém transakčním trhu.
2/16/2023
Cushman & Wakefield nově spravuje a pronajímá portfolio obchodních center společnosti Adventum
Realitněporadenská společnost Cushman & Wakefield převzala do správy portfolio tří obchodních center a jednoho retail parku, které loni od společnosti Tesco koupila maďarská investiční skupina Adventum Group v rámci unikátní transakce zahrnující 18 retailových projektů napříč regionem střední a východní Evropy.
2/7/2023
US brands have thrived on the Czech market for many years, with Victoria’s Secret now set to open its first store
Dozens of leading American brands have established themselves on the Czech market over the past decade – many of them in the fashion industry, although other market segments are represented too.
2/3/2023
OC Atrium Flora nově ve správě Cushman & Wakefield
Realitněporadenská společnost Cushman & Wakefield od 1. ledna 2023 převzala do správy OC Atrium Flora na pražských Vinohradech, jehož vlastníkem je společnost G City Europe Ltd.
1/30/2023
Manufacturing Risk Index
Česko je nejvhodnější destinací pro výrobu v Evropě. Je také ve výborné pozici pro post-koronavirový restart.
7/2/2020
Manufacturing Risk Index
V letošním žebříčku zemí s nejlepšími podmínkami pro výrobní sektor se Česká republika umístila pátá, ze všech evropských zemí zaujala nejvyšší příčku. Výhodou Česka je nízký stupeň rizika, ani provozní náklady zde nejsou vysoké.
MORE Insight
MarketBeat • Insights
Insights • Economy
5-minute Real Estate Market Snapshot
MarketBeat • Insights
Research • Economy
Insights • Hospitality
The Hotel Investment Scene in CEE