Warburg-HIH Invest Real Estate has acquired the River Garden 1 office property in Prague from LaSalle Investment Management. The building with its gross lettable area of 19,000m² and another 1,300m² of patio space is earmarked for the individual fund of a German investor. In addition to flexible office accommodation on six floors, the property from 2012 offers around 2,200m² of retail area. Located in the immediate vicinity of the River Vltava, the asset benefits from easy access to public and private transport. The purchase price was not disclosed.
River Garden 1 lies in Prague’s Karlín district and was developed as a multi-tenant office scheme. At the moment, the scheme is 90% let to a number of tenants including Automatic Data Processing (ADP), Monster Worldwide, Creditinfo, Unilever and Shoptet.
“We expect a lease with an international technology company to be signed for the currently vacant floor space in the near future,” said Matthias Brodesser, Head of Transaction Management International at Warburg-HIH Invest. “River Garden 1 is characterised by excellent building quality and occupies an attractive corner location just 150 metres from the nearest underground station. The neighbourhood is particularly popular among young people. Historically known as an industrial and residential district, Karlín has undergone a dynamic development over the past ten years. The property has effectively performed quite well within the competing environment, including during the first re-letting cycle. The acquisition marks the consistent continuation of our strategy in Eastern Europe on behalf of institutional investors from Germany and overseas.”