Invesco Real Estate snaps up prime Prague office property for circa €38 mln for German fund (CZ)
Thursday 14 March 2013
Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce that it has acquired the office property Stara Celnice in Prague 1 for circa €38 million on behalf of the iii-BVK Europa-Immobilien-Spezialfondsan, institutional real estate fund of Bayerische Versorgungskammer (BVK), which IRE has managed since 2000.
Bettina Knirsch, IRE’s Director - Fund Management, says: “Stara Celnice is regarded as one of Prague CBD’s top eight office properties due to its prime location at the Republic Square , its class A institutional quality offices, which has attracted a mix of strong international tenants, and its aesthetically-pleasing design. Assets like this rarely come onto the market, so we are delighted that we had the opportunity to add this quality asset to our client’s portfolio.”
“Stara Celnice complements our existing portfolio of assets well by providing diversification to the Czech Republic office market, a market we forecast to see modest inward yield shift over the next five years.”
Stara Celnice is a 10,370 m² property consisting of both office and retail space, with the main tenants being Allen & Overy, Chartis Insurance and Reader’s Digest within the office segment and Billa grocery store anchoring the retail element. The property is situated within the heart of the historical district next to the Namesti republiky (‘Republic Square’) and its metro station, which connects the Old Town and Na prikope.
Tomas Picha, IRE’s Director - Transactions, CEE says: "The quality of Stara Celnice’s office space is regarded among the best in Prague due to its facilities and outfitting but also because of its prominence in the city which also affords the tenants some of the best views across Prague. This was a major attraction of the asset and we are therefore delighted that we were successful in securing this prime property.”
For the Stara Celnice acquisition, Cushman and Wakefield acted on behalf of IRE.