TMW Pramerica Immobilien GmbH has acquired the Prague Stock Exchange Building â" Burzovni Palace â" on behalf of investors in its Central European Fund. TMW Pramerica is the Munich-based fund management business of Pramerica Real Estate Investors, which is the real estate and investment advisory business of Prudential Financial, Inc. of the United States (NYSE: PRU).
TMW Pramerica acquired the property from Patron Capital Limited, a private equity investment advisory company to Patron Capital Partners, and Kilkullen Barhill.
Burzovni Palace, located in the center of Prague just off Revolucni and adjacent to the Kotva department store is a 9,500 mÂ² office building let to the Prague Stock Exchange and Deloittes among other tenants. The building also comprises 188 underground car parking spaces. Kilcullen barhill will continue to manage the property.
Georg von Hammerstein, director of acquisition for TMW Pramerica, said: âWe are delighted to have purchased Burzovni Palace, an excellent acquisition in downtown Prague that represents a stable long term investment for our investors. It also provides the possibility of creating additional upside from refurbishing and retenanting and further increasing the quality of the tenant covenants over time.â
Enda OÂ´Coineen of Kilcullen Barhill said: âOur Team as local partners to Patron have worked hard, as asset managers, to improve the investment through re-lettings and selective refurbishment and are delighted to be staying on with the building in a management role alongside the new owners TMW Pramerica. We have enjoyed an excellent working relationship with Patron who provided the majority of the equity required for the building and with our lending bank HVB.â
Source: TMW Pramerica Immobilien