Immorent ČR has sold its office project, Avenir Building E, in Prague to the HRI Immobilienfonds Nr.1 of the Austrian Hypo Real Invest AG for around 15 million. Hypo Real Invest AG has through the investment made its third acquisition in the Czech Republic this year.
Jones Lang LaSalle Capital Markets acted as advisors to Immorent ČR and CB Richard Ellis Capital Markets advised Hypo Real Invest AG on the acquisition.
The building, located in the established office location of Prague 5, was completed at the end of 2007 as the last addition to Avenir Business Park. Avenir Building E comprises approximately 6,861 m² of quality accommodation and is leased to prominent international and national occupiers such as CSC Computer Sciences, KJ Trade, Import Volkswagen Group, Porsche CEE, The Kite, Hero Czech, Komix and others.
"We are happy to sell our last completed and fully rented project, Avenir Building E, to the reputable Austrian investor, Hypo Real Invest AG, especially in the time when the real estate markets have been hit by the global recession. This transaction underlines a comeback of increased confidence and appetite of investors to invest into real estate projects like Avenir Building E.
"The project can provide the new owner not only with stable rental income but furthermore offers security of the first class quality building situated in a very attractive location, being a part of a well established business park, Avenir, developed by Immorent. This successful deal also confirms the right approach of Immorent's development concept focusing on quality, user-oriented buildings with low operation and maintenance costs and with smart architectural design," says Tomá Velemínský, Managing Director of Immorent ČR.
HYPO Real Invest AG indicated: "Avenir Building E is located in one of the key strategic office hubs of Prague. We consider our third acquisition in Prague as a solid investment not only in the short-term, but also from a long-term perspective. We are very happy that we had the possibility to buy from an established partner like Immorent ČR. We believe that Prague offers a very stable investment environment with strong current and historic performance. Further investments will follow."
George Lewis, National Director of Jones Lang LaSalle who advised the seller on the transaction, added: "We have been delighted to work for Immorent ČR, one of the leading developers in the Czech market on the sale of this highly attractive office investment."
Source: Jones Lang LaSalle