CA Immo acquires Prague office building for €68m (CZ)

CA Immo acquires Prague office building for €68m (CZ)

Skanska has sold Visionary office building in Prague to CA Immo for c. €68m. The deal marks the second transaction between the two companies in the CEE region in 2018.

 

Visionary is an A-class office building was completed in April 2018 and compromises 23,000m² of gross leasable area. Located in Prague 7, one of the most dynamically developing districts in Prague, the building is currently around 91% occupied with tenants such as Accenture, Business Link and WMC/ACTUM Digital on an average lease term of more than seven years. The building is expected to receive LEED Platinum and WELL Core & Shell certifications.

 

During the sales process, CA Immo was advised by Clifford Chance, E&Y and Obermeyer Helika. Skanska was advised by Dentons

 

According to Andreas Quint, CEO of CA Immo: “After the purchase of Campus 6.1 in Bucharest in April, the Visionary office building is our next step in the expansion of our CEE core portfolio. These two acquisitions jointly lead to a yearly rental increase of up to €7.9m. With our strong German development pipeline, which is progressing according to plan, we are well on track to meet our financial goals for this year.”

 

Katarzyna Zawodna-Bijoch, President and CEO of Skanska’s commercial development business in CEE says: "Prague is one of the hottest, most mature and respected investment destinations in the buoyant CEE region. Holesovice district, where we built Visionary, has become a real rising star among office locations in the Czech Republic's capital city. We are planning more developments in this area. This transaction is our second with CA Immo within two months. We are very happy that our business partners have decided to expand their CEE portfolios with Skanska developments."

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