ING Real Estate is pleased to announce the acquisition of the multi-tenanted office building 'Budejovicka Alej' in midtown Prague, Czech Republic, for € 37 million. This transaction marks the first European investment by the ING Office Fund, a fund listed on the Australian Stock Exchange ASX. The acquisition was arranged by the ING Real Estate Investment Management team in Prague which will also manage the property.
Budejovicka Alej, Prague, Czech Republic.
"This is an ideal first investment into Europe in one of the highest ranked and most favoured commercial property markets within Central Europe. The Czech Republic is a strategic business location and geographic hub of Central Europe, with a dynamic economy that is growing significantly faster than the EU average", said Mr Tino Tanfara, CEO ING Office Fund. Budejovicka Alej is a new, fully leased, Grade A office building, strategically located on a key transport junction. The building is tenanted by major multinational and national tenants including Nissan, Shell, Deloitte, AT Kearney and SG Equipment Finance.
Budejovicka Alej was completed in May 2005 comprising 11,673 m² of net lettable area on nine above ground floors and 164 car parking spaces on three underground levels. The building has three underground car parking levels and nine above ground floors. The building has 13 tenants ranging in size from 260 m² to 2,163 m². The building is located in the district known as Prague 4, approximately 7km or a 10 minute drive to the City center.
Source: ING Real Estate