The investment in Arkády Pankrác is fully in line with the strategy of Rodamco Europe to focus on top-quality retail in dominant locations in major European cities and strengthens Rodamco Europe's position in the retail sector in Prague. The shopping center will be Rodamco Europe's third in Prague after the Cerny Most center and the Chodov shopping center, which will open to the general public on November 9 2005.
The ECE group is the co-owner of the shopping center. All leases will be denominated in Euros and Rodamco Europe's share of the Net Rental Income (before tax) will be € 5.3 million per annum.
The shopping center will be built in the Pankrác district, the largest district in Prague, located on top of a metro station in a densely populated residential area with an income level higher than the average.
