DekaBank's Asset Management Immobilien expands to Eastern Europe (CZ/DE)

DekaBank's business unit Asset Management Immobilien (AMI) has expanded its commitment in the Czech Republic. The open-end real estate fund WestInvest InterSelect has acquired the office building 'Lighthouse' for an amount of €76.5 mln.

The building was owned by Gesellschaften Alliance Holdings & Development LTD and Lighthouse Holding SA, the latter is owned by Scorpio Real Estate, GTC and RREFF. The transaction was arranged by Deka Immobilien GmbH, which on behalf of the business unit AMI is responsible for the worldwide real estate transactions.

"With Lighthouse, WestInvest InterSelect has acquired a high-quality object in a rising European capital and taken the opportunity to participate in the strong development of the Czech office market", says Gerhard Gminder, Managing Director of Deka Immobilien GmbH. The office market in the Czech Republic concentrates on the capital of Prague. With a transaction volume of approx. €880 mln., the office investment market reached a new record in 2006. The office space market in Prague is currently approx. 1.8 mln. m² and shows a high economical range in the tenant structure.

The Lighthouse office building is in the northern part of the old town which is very popular with both local and international investors and office occupants. The building consists of two connected office towers with 15 and 17 stories as well as a four-story low rise building. The 13,433 m² surface area has a net leasable office space of approx. 27,757 m² of which approx. 22,722 m² is office space, approx. 899 m² retail space and 4,136 m² archive space.

Source: DekaBank

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