CBRE Global Investors, acting on behalf of one of its global separate account clients, has exchanged contracts to acquire Praga Studios, a high-quality grade A office building in Prague, the Czech Republic for €55m. The newly developed asset was completed by Skanska in the second quarter of 2019. The prime office building is multi-let and anchored by Edwards Lifesciences, the world’s leading medical equipment company. The other four tenants include a co-working operator and IT companies. The new building meets the highest technical standards and is expected to receive LEED Platinum and WELL Core & Shell certificates.
The 12,085m² asset spans seven floors and is located in Prague 8, one of the fastest-growing office submarkets in the city. Prague 8 is considered an extension of the Prague CBD and attracts tech and creative occupiers to its mix-use environment, offering excellent connectivity by public transport and is easily accessible from the city centre. The building also provides 115 parking spaces for the occupiers.
Myles Sanger, Portfolio Director, CBRE Global Investors, said: “We are building a well-diversified office portfolio for our client in EMEA and Praga Studios is a high-quality addition to their existing assets.”
Adrian Karczewicz, Head of Divestments at Skanska commercial development business unit in the CEE said: “Prague is one of the most desirable locations in Central and Eastern Europe. While the office stock is constantly growing, the demand for prime office assets remains very high among tenants and investors, both domestic and international. I am glad that Skanska could offer CBRE Global Investors a fully leased A-class building in one of the best locations in the Czech capital city.”