Deka Immobilien has exchanged contracts to secure an office building in Prague for around €77m. The Swedish development and construction company Skanska has sold the property. It will be added to the portfolio of the open-ended real estate fund Deka-ImmobilienMetropolen (DIM).
The "Parkview" property comprises a leasable area of around 16,000m² and 227 parking spaces and is almost fully leased to eight users on a long-term basis. The property, which was completed in 2020, is located in the established Pankrác office submarket in Prague's 4th district and has good transport links. The property has already received Leadership in Energy and Environmental Design (LEED) Platinum and WELL Health Safety certifications. It is also aiming for WELL Building Standard Gold. It is thus one of only three buildings in the whole of the Czech Republic with such high-quality awards.
The open-ended real estate fund Deka-ImmobilienMetropolen is aimed exclusively at retail investors and invests in commercial property in dynamically growing metropolitan areas worldwide on a currency-hedged basis. The target investment markets are chosen using a city selection model based on the long-term drivers of growth – globalisation, urbanisation, ecology and new working environments. With the purchase of the office building in Prague, the fund has secured a property in yet another metropolis that promises continuous income and long-term rental growth potential.