Commerz Grundbesitz Gruppe (CGG) has completed the acquisition the Charles Square Center (CSC), located on Charles Square in Prague, for its open-end public property fund, hausInvest global. The property was bought from Quinlan Private, a leading international private equity and real estate group. The investment costs came to approximately €90 million.
The architectonic highlight of the
Charles Square Center, Prague.
The nine-storey building, which was completed in 2002, is almost fully let. It covers a gross lettable area of approximately 20,000m², 15,000m² of which are office space, while the remaining 5,000m² are occupied by retail and gastronomy space.
Thanks to its central location in downtown Prague, its excellent connections to the public transit system, and the technical flexibility of the building structures, the property offers attractive location benefits and comprehensive third-party utilisation options. Grouped around a generous atrium, the property could be used by a single tenant while being entirely open to lettings by section or floor.
"Since we acquired the Metropole shopping centre in 2004, we have been closely monitoring Prague's downtown property market. Over time, the office segment became more interesting for us," says Hans-Joachim Kühl, CGG board member in charge of property acquisitions. "In face of the prevailing historic building substance in the inner city, the supply in state-of-the-art office buildings, similar to the CSC, is extremely limited. The acquisition of the CSC offered the opportunity to strengthen our commitment on the dynamically growing market of Prague."
Source: Commerz Grundbesitz