Fashion Arena Outlet Center

Prague, Czech Republic

In recent years the Fashion Arena Outlet Center has truly distinguished itself as one of the most successful outlet centres in Central Europe. TK Development owns 75 % of this outlet centre. Since the opening of the second phase in 2010, the outlet centre has recorded a highly positive development in footfall and revenue. The outlet centre’s revenue rose by 24 % in 2012 compared to 2011, and the positive trend continued in 2013. Compared to the year before, footfall declined slightly in the first six months of 2013, but rose again from August 2013. Revenue in the centre increased to index 104 from 2012 to 2013.

Major tenants: Tommy Hilfiger, Nike, Puma, Adidas, Benetton, Tom Tailor, Ecco, Gant, Lacoste, Levi Strauss & Co., Esprit.

TK Development conditionally sold its 75 % stake in the outlet centre to Meyer Bergman in February 2014. The selling price for the entire property amounts to EUR 71.5 million. The sale is contingent on the final financing arrangement, which is expected to fall into place shortly. This sale generates a minor profit compared to the carrying amount, reduces the balance sheet total by about DKK 400 million and makes a substantial contribution to the Group’s free cash resources.