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The transaction is expected to wrap up in March 2025 and involves the Bonaire centre, which was closed until February due to flooding from October.

As a result, refurbishment has been completed on the common areas and retail units on the ground floor, with some tenants using this as an opportunity to upgrade their stores. The occupancy rate of Bonaire is currently 98%, with approximately 80% of stores either reopened or expected to be by the end of March.

Given the impact of the flooding, URW has now given Castellana an 18-month NOI guarantee – including a cap of €32.9 million to cover the stabilization period.

However, it is expected only a marginal part of this will actually be utilised to the fullest considering the strong occupancy levels in Bonaire right now.

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The sale ensures URW has completed or secured €900 million worth of transactions this year, helping to reduce its proportionate net debt.

URW shares have been trading at $6.36.

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The €553 million transaction comes during a busy period of upgrades at the 85,000 square metre centre – described as ‘one of the strongest and best-performing destinations in Prague’ – where an extension of 9,000 square metres is to be added in 2026, including new retail, dining and leisure facilities.

As a result of the transaction, the involved parties will commence a long-term joint venture, with Upvest and RSJ Investments able to acquire a further 24% stake in the next two years (based on the appraisal value at that time).

The transaction will be completed with an implied offer price of €553M, and the asset – which will continue to be managed by URW – has been financed with a green mortgage loan of up to €268 million; the largest syndicated commercial real estate loan in the Czech market since 2023.

The loan will be partly used to finance the ongoing extension.

URW has been trading at $6.20.

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Through a settlement on August 19, Vicinity paid $420 million to acquire a half interest in the property, which is also owned by the Australian Prime Property Fund – Retail, whose investment is managed by Lendlease.

CEO and Managing Director Peter Huddle stressed that Vicinity had been long interested in buying up an interest in the site.

“Lakeside Joondalup is a fortress-style retail asset located in one of Perth’s principal activity centres and has been on our target list for some time,” he said.

“Geographically, the suburb of Joondalup has been earmarked to become Perth’s second Central Business District and enjoys a captive and growing population, which is expected to drive above average retail sales growth over the next decade.

“The acquisition of Joondalup, together with the forthcoming redevelopment of Galleria and sale of four non-strategic assets in Western Australia, reflects our deliberate strategy to recycle and redeploy capital in order to right-size our investment and strengthen our asset portfolio in Western Australia.”

Mr Huddle also said Lakeside was an important investment in terms of its retail sales volumes.

“Importantly, Vicinity has also secured the property and retail development management rights for Joondalup, which provides the opportunity to utilise our retail management platform to drive asset performance, whilst earning additional fee income,” he said.

“With Lakeside Joondalup already achieving annual retail sales of almost $800 million, and with Vicinity’s scalable retailer partnerships, we are confident there is growth and value to be unlocked.”

Vicinity shares have lifted slightly on the news. At 12:38 AEST, they were trading at $2.19, a rise of 0.23% since the market opened.