Invesco Real Estate has sold Andel City, a six-story office building in the heart of Prague’s Andel district. The modern, Class A building includes 3,900m² office space, a 500m² conference centre and underground parking. It benefits from easy access to public and private transport and is fully occupied by a mix of local and international tenants from a range of industries. The purchase price was not disclosed.
“We acquired Andel City in 2011 and since then it has performed very well, exceeding the targets we set as part of the building’s business plan,” explained Tomas Picha, Senior Director, Transactions CEE, Invesco. “We identified a good market opportunity and combined it with the scope for active management in our client’s mandate to achieve our objectives, ultimately deciding that the timing was optimal for a sale. The Czech economy continues to be strong and we see increasing institutional interest for high-quality assets in the country; particularly modern offices with good transport access, as well as modern logistics space in key locations. We continue to have a strong interest in the region and are always on the lookout for the right investments and opportunities on behalf of our existing investment mandates.”