Zagreb’s Avenue Mall sold in nearly €100 million deal

Avenue Mall Zagreb (Photo: Suradnik13/CC BY-SA 4.0)

Avenue Mall Zagreb, one of Croatia’s best-known shopping centres, is set to change ownership in one of the largest retail real estate transactions in the country in recent years.

Croatian investment fund InterCapital Real Estate Fund Alfa has signed a purchase agreement to acquire full ownership of Avenue Mall and the adjoining Avenue Centar business complex from its current owners, including majority owner GTC (Globe Trade Centre), a leading pan-European commercial real estate investor and manager, Večernji list reported.

The value of the property transaction is approximately €100 million, with completion expected by 31 July.

The acquisition represents the largest investment to date by InterCapital Real Estate Fund Alfa and marks another significant step in the growing role of domestic capital in Croatia’s premium commercial real estate sector, which has traditionally been dominated by foreign investors.

Following the acquisition of a stake in City Center One Split last year, the purchase of Avenue Mall further strengthens the fund’s portfolio of major retail assets.

“Avenue Mall is one of the most recognisable retail destinations in Croatia and a unique asset on the Zagreb market,” said Andrej Erjavec, Management Board Member of InterCapital Real Estate.

He added that the fund’s priority after completion of the transaction would be maintaining high-quality operations while introducing initiatives aimed at improving customer experience, supporting tenants and strengthening Avenue Mall’s position as a leading shopping destination in the wider Zagreb area.

InterCapital Real Estate said the acquisition aligns with its strategy of investing in core and core-plus commercial properties capable of generating stable long-term income and capital growth for investors.

Arn Willems, President of the Management Board of InterCapital Real Estate, said the fund represents a new opportunity for Croatian institutional and individual investors to participate in investments in high-quality real estate assets.

He said such investments help retain capital within Croatia, strengthen financial independence and provide investors with greater diversification opportunities.

Located at one of Zagreb’s busiest intersections, Avenue Mall has been a major retail destination since opening in 2007.

The complex includes approximately 28,000 square metres of retail space, around 7,000 square metres of office space, and more than 900 parking spaces.

The shopping centre is known for its diverse tenant mix, stable occupancy rates, strong visitor numbers and consistent business performance.

The acquisition adds another landmark property to Croatia’s commercial real estate market and highlights increasing domestic participation in a sector that has seen strong investor interest in recent years.