Croatia's ICRE seals €100m acquisition of Zagreb's Avenue Mall complex

Croatia investment fund InterCapital Real Estate Fund Alfa (ICRE) has purchased Zagreb’s Avenue Mall and the attached Avenue Centar business complex.

Avenue Mall Zagreb

Valued at approximately €100 mln, this transaction marks ICRE’s largest acquisition to date and is one of the largest retail real estate deals in Croatia in recent years.

ICRE is acquiring 100% ownership from the current majority owner, GTC (Globe Trade Centre), with the deal expected to close by 31 July 2026.

Located at a major intersection in Zagreb, the Avenue Mall complex comprises approximately 28,000 m² of retail space, 7,000 m² of office space, and over 900 parking spaces. The property is noted for its stable occupancy, diverse tenant mix, and high visibility.

This acquisition follows ICRE's previous investments, which include a stake in City Center One Split, the Bonavia Hotel in Rijeka, and the Matrix D office building in Zagreb.

In an interview for Croatian daily Jutarnji List, CEO Arn Willems stated that the fund is also in the final stages of due diligence for two additional acquisitions, one in Slovenia and another in Zagreb.

The fund's long-term strategy is to create a diversified portfolio of prime commercial real estate valued between €500 mln and €750 mln across Southeast Europe. It is mainly targeting quality locations in Zagreb and Ljubljana, on the coast and in secondary cities.

With these strategic acquisitions, ICRE’s assets under management are projected to surpass €200 mln, aiming for an annual net return for investors between 8% and 9%.