Investika has acquired a grade A office building in established office hub Nove Butovice in Prague. Located in the Avenir Business Park, Avenir E was completed in 2008, subsequently receiving the Best of Realty award. The building comprises 6,700m² spread over 5 upper floors of office accommodation and provides generous parking facilities. Avenir E is easily accessible by public transportation and enjoys close proximity to the full range of amenities within walking distance. JLL acted as the commercial sales adviser during this transaction. The purchase price was not disclosed.
“We purchased the asset in early 2016 via a portfolio transaction, as the only building in a non-core location. Since the acquisition, we have actively worked on improving it. The transaction proves our ability to not just buy, but also safely manage, add value and successfully realize our investments. Now came the time to capitalize on our efforts, dispose of the building and reinvest into assets with better return characteristics,” said Tomas Berka, Fund Manager in Redside, fund management company.
“JLL is proud to have represented Redside throughout the sale process of Avenir E. The transaction is an excellent example of the increasing activity of domestic capital in the Czech market. In the case of Avenir E, both parties, the seller and the buyer, were local domestic investors,” commented Jiri Horak, JLL Capital Markets.
