The Endurance Real Estate Fund, managed by Orco Property Group, sold office project 4D Kodanská Office Center to Daramis Group for the total price of around 20 million at the end of March.
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The project is located approx. 3 km southeast from the center of Prague.
The project is located in Prague 10 at the intersection of Kodanská and Kavkazská streets, approx. 3 km southeast from the commercial and historical center of Prague. The project was constructed in the 1970s, however was externally and internally refurbished between 2002 and 2007. It offers around 26,000 m² of net rentable area and is occupied by tenants such as Zdravotní pojisťovna Ministerstva vnitra CR, Gopas, Elanor, Nikon and many others.
Ale Vobruba, Board Member of ORCO Property Group S.A. (Manager of the Endurance Real Estate Fund), said: "We are happy to announce closing of this transaction which took six months from its beginning, and which we consider a fair deal on the current difficult class-B office market, where existing bank financing is a key element."
Yariv Ronen, Managing Director of Daramis Group, commented: "We are delighted to conclude this successful transaction, which demonstrates the continuing ability of Daramis Group to conclude major deals in each segment of real estate market in the Czech Republic.
"It is a great start to what looks to be a very busy and exciting year for Daramis Group. We have number of properties in our portfolio that we will be developing, while keeping a close eye on the Prague market and making additional building and sites purchases. We are excited to get to work and continue the momentum we have built."
George Lewis, Head of Capital Markets at Jones Lang LaSalle in Prague, who represented the Seller in this transaction, has commented: "This is a key transaction in the Czech market and demonstrates there is an appetite and willingness to transact secondary assets with bank financing in place."
Source: Jones Lang LaSalle
