Pfizer sells its headquarters in Prague 5 (CZ)

International real estate advisor CB Richard Ellis has announced that its capital markets team assisted Pfizer in the sale and partial lease back of its headquarters in Prague 5.


Pfizer headquarters in Prague.

The building, comprising 5,238 m² of leasable area, is situated in a prestigious office location and is leased to Pfizer and Google.

The new owner of the building is Austrian fund IVG Austria (former Hypo Real Invest AG), which was very active on Czech investment market last year.

CB Richard Ellis is pleased to work on the first office transaction in 2011.

Stuart Bloomfield, Head of Capital Markets team at CBRE Prague, adds: "The Pfizer sale and leaseback sets another post-crisis record yield for an office transaction. We are extremely pleased to have represented Pfizer in the restructuring of how they occupy real estate in Prague whilst achieving excellent pricing for the property.

"The purchase represents a secure income with an extremely strong main tenant in one of the most sought after office sub-market districts in Prague."

Source: CB Richard Ellis

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