Savills, acting for the vendor Red Group, has completed the sale of Nagano Office Park, Prague to Geosan Development for an undisclosed price. The park includes four offices and a telecommunication building, comprising nearly 24,000m² (258,333ft²) with tenants from the IT, data analysis and telecommunication sector.
Stuart Jordan, Head of Investment, at Savills Czech and Slovak Republics, said: “At a time when many investors feel that pricing has peaked and that the arbitrage of Prague commercial real estate against other European capital cities has almost disappeared, the depth of interest in Nagano was testament to the value-add that investors are now seeking and also to the proven cash flow that assets such as Nagano, when properly managed, can deliver.”
