Invesco Real Estate acquires Prague CBD office building (CZ)

Invesco Real Estate (IRE), the international property investment manager, is pleased to announce that it has acquired the property Andel City 11 SO, a class-A office building located at Karla Englise 3219/4 in the Andel District, an extension of the Prague CBD, for an undisclosed amount.

This is the second property that IRE has purchased in the past month on behalf of a pan-European separate account mandate, which IRE manages for German client Nordrheinische Ärzteversorgung.

Andel City provides ca. 4,200 m² of high quality office space over five floors, 31 parking spaces as well as a ground floor conference center for the adjacent Angelo Hotel. It is currently fully let to high quality tenants including Maersk, one of the world's largest shipping companies, and UBS.

Tomas Picha, Director of CEE Transactions at IRE says: "The Andel office market is considered to be one of the natural extensions of Prague's historic CBD and this is also complemented by significant retail and hotel investment.

"It has excellent access to the city CBD via road, train and bus connections as well as close proximity to Prague's international airport. With this in mind, we are very pleased to have acquired this core property for our client's portfolio."

IRE plans to acquire further high quality office and retail properties within central locations in core European capital cities for Nordrheinische Ärzteversorgung.

IRE was advised by Cushman and Wakefield.

Source: Invesco Real Estate

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