IMMOEAST AG recently finalised an important and long-term lease extension agreement for the Vinice office property in Prague. British mobile communication group Vodafone decided in advance to extend its lease for 20,000 m² through the end of 2014.
The conditions of the agreement are based at the current market level.
The Vinice office building is located directly on the main eastern artery from the city centre Vinohradská ulica in Prague 10 guaranteeing an excellent link to the public transportation and road networks.
The Class A property offers Vodafone employees a kindergarten, fitness centre and several restaurants and cafes. Built in 1999, the building with total usable space of 22,000 m² has been in IMMOEAST AG's portfolio since 2004. The recent lease extension is another positive signal from IMMOEAST AG'S core markets.
In the last 11 months development of existing portfolio properties has been very satisfactory, particularly in the office and logistics segments. In these two business areas more than 200,000 m² were newly let or leases were extended at market conditions.
"The markets are difficult, but demand for modern office and retail space is still substantial," says Dr. Eduard Zehetner, CEO of the IMMOFINANZ Group. "Due to the good location and the quality of our properties, we have also succeeded at keeping international tenants in longterm agreements, even at this time. This, in turn, ensures IMMOEAST AG a stable cash flow."
Source: IMMOEAST AG