Mint Investments, Central European real estate Investment & Asset manager, sells Panorama Business Centre, Prague. The buyer was Redside, manager of real estate open-ended investment fund Nova Real Estate.
Built in 2000, Panorama Business Center consists of c.6,800m² of lettable area and 91 parking spaces. Panorama lies opposite the National Museum and one minute walking distance from the top of Wenceslas Square.
Mint acquired Panorama in 2015 with 42% vacancy and since then they have successfully completed their asset management plan, reaching full occupancy, within one year. Following completion of their re-leasing strategy, the property has an average unexpired lease term of 5 years.
For the purchaser this represents a low risk, stable income producing asset which complements previous acquisitions made by the fund over the course of 2015 and 2016.
