IMMOEAST has purchased the Gamma office property in Prague. The property in the BB Centrum office complex provides 42,800 m² of floor space and is leased to telecommunications giant Telefonica. In addition to the offices, there are also smaller storage, business and restaurant areas. The purchase price was €110 million.
The Gamma property is already the fourth that IMMOEAST has acquired in BB Centrum. IMMOFINANZ thus owns more than half of the total floor space in the successful office complex. Three properties with a total of 73,000 m² had already been purchased at the beginning of 2007. These too are fully let to renowned companies such as Eurotel, GE Money Bank, 3M and Hewlett Packard.
BB Centrum and in particular the Gamma property, which was completed in December 2006, are distinguished by the high quality of the buildings on the one hand, and the excellent location on the other. BB Centrum is located in the fourth district of the Czech capital. The site is directly on the D1 motorway, in the immediate vicinity of the exit towards Vienna, Budapest, Bratislava and Brno. The city centre is very close and connections to the airport are excellent. Furthermore, several public transport services have stations directly on the premises of BB Centrum and the C underground line is reachable within five minutes.
"BB Centrum is top of the range in Prague," says IMMOEAST CEO Karl Petrikovics. "An overall project of this size is practically unrepeatable in central Prague, and BB Centrum will set the standards in terms of the quality of both the property and location, even in the long term."
With this new acquisition, IMMOEAST now has a portfolio comprising 89 properties and total floor space of 1,4 million m² in the Czech Republic. With a share of 14,5%, the Czech Republic is IMMOEAST'S second largest investment target market following Romania.
The purchase of BB Centrum Gamma is part of IMMOEAST's extensive investment programme for the 2007/08 business year. Almost half of the total investment volume of €6 billion was finalized in the first quarter of the business year.