Investment group DRFG has purchased the ZTC shopping centre in Rijeka, from Universale International Realitäten, part of the UniCredit Group, for more than €40M.
The transaction marks DRFG’s entry into the Croatian real estate market and expands its activities in the Central and Southeast Europe region.
“Entering the Croatian market represents another step in our regional expansion strategy. ZTC Rijeka is a stable asset with quality tenants and a strong position in the local market. We see growth potential in the SEE region, particularly in the retail segment,” said Josef Šilhánek, Director of Strategy and Acquisitions at DRFG Real Estate.
International and local advisory firms JLMIG, MIDA Grupa, Colliers and Deloitte participated in the transaction, with financing provided by Raiffeisenbank Austria.
ZTC Rijeka opened in 2012 and offers approximately 21,000sq m of gross leasable area across three retail levels with more than 50 retail units. The centre provides 940 parking spaces and features sea views through panoramic elevators and a rooftop terrace. Key tenants include domestic grocery chain Plodine and international brands such as H&M, C&A, Deichmann and New Yorker.
The centre is currently fully leased and attracts just under three million visitors annually. DRFG plans to invest in modernisation and improving ESG standards to increase energy efficiency and strengthen long-term competitiveness. “Retail in Croatia has solid tailwind. Retail sales increased year-on-year by 3.6 per cent in the first three quarters and Adriatic cities benefit from strong tourist seasons,” Šilhánek added.
