Karlín Group is pleased to announce that it has successfully concluded the sale of the Keystone office building to the German real estate fund GLL Real Estate Partners.
The company REALTY Pobrení, a.s., a member of Karlín Group, and GLL Real Estate Partners signed at the end of last week the forward sale contract for the Keystone office building. One of the most important transactions on the real estate market so far this year was concluded before the completion of construction work; the building should be completed before the end of the 2011.
The Keystone building, unique from an architectural point of view and designed by Swiss architects EM2N, is a modern interpretation of Czech cubism and will offer 6,500 m² of premium office and commercial space. The Keystone building meets all the requirements for modern office areas and will feature eight aboveground storys.
In addition to the office areas, the complex will also offer 850 m² of retail space and 87 parking places in three sub-basements.
Construction is being led by the company Průmstav a.s., a member of the Vinci Group. The Keystone is a mutual project of Karlín Group and one of its investment partners, the Swiss company Cornerstone. The administrative part of the Keystone building is entirely leased to company SMP, a member of Vinci Group, one of the two retail units is already leased as a showroom.
GLL Real Estate Partners GmbH is one of the most important global real estate funds management groups. GLL's funds under management now exceed 4 billion with investments across Western Europe, Central-Eastern Europe and the United States. Keystone is GLL's second acquisition in Prague/Czech Republic.
GLL was advised on the deal by the brokers Strategic Property Investments and Salans.
Serge Borenstein, President of Karlín Group, believes that the success of Keystone, the preeminent project on the corner of the original Karlín urban estate, is an important step in the development of the whole district and confirms that Karlín is now a fully established office and residential district of Prague.
Source: Strategic Property Investments s.r.o.