ING Real Estate, one of the world’s biggest property fund managers, said on Monday that it has bought a shopping centre in the Czech Republic for €125 million ($167.4 million).
ING Real Estate said the 50,000 square meters Nisa Liberec Shopping Centre, in the North Bohemian city of Liberec, has been refurbished and added to the ING Property Fund Central Europe. The deal highlights interest in European emerging markets as property prices in mature markets such as London continue to plunge. The fund manager, a unit of Dutch banking giant ING Groep NV, has a property portfolio of €115 billion invested globally.
Foreign investors in real estate expect to spend much more in 2009 than they did in 2008 due to sharply lower property values, a report from the Washington-based Association of Foreign Investors in Real Estate (AFIRE) said on Monday. (Reuters)