DEGI, part of Aberdeen Property Investors, has completed its second investment in Prague by signing the purchase agreement for the fully let mixed-use complex Andel Palace in Prague, the Czech Republic. The purchase price amounts to around €57 million. The property has been purchased indirectly through a real estate company, and will be added to the DEGI INTERNATIONAL open-ended property fund, which focuses on commercial properties worldwide.
The seller is a partnership which established, owns and runs Czech and Slovak Investment Advisors and Develon, backed by Quinlan Private of Dublin. The seller has been advised by Jones Lang LaSalle Capital Markets. DEGI has been advised by DTZ Prague.
"With this investment, we are expanding our exposure in Central East Europe and our investors will be able to benefit from the dynamic development of the CEE economy", emphasis B