Reico acquires Palladium

The Reico real estate fund will add the Palladium shopping center to its portfolio through the newly established real estate company Project Aurelia. The center was previously owned by the German company Union Investment, which in 2015 paid 570 milion EUR for it. The shopping center on Náměstí Republiky was opened in 2007. It has a total area of 115,000 square meters and houses 165 stores, 25 restaurants, and an underground parking lot with 700 spaces. In 2023, it achieved sales of CZK 1.05 billion and a profit of CZK 107 million.  The transaction is being reviewed by the Office for the Protection of Competition in a simplified procedure, and a decision will be issued within 20 days.

Reico is an investment company that manages assets worth over CZK 40 billion in three real estate funds in Central Europe. Through its 100% owner Erste Asset Management, it is part of the Austrian financial group Erste Group.