Skanska has sold Five, a prestigious office building located in Prague. The property has been acquired by a German real estate fund managed by TRIUVA, a Europeanwide active investment manager based in Frankfurt. The purchase price was €50m.
Five is a prestigious new office development, which showcases technologically advanced and innovative features, and whose green credentials are underpinned with LEED Platinum certification. The property providing 14,400 m² GLA is already 100% leased. MSD IT Global Innovation Hub, part of Merck & Co Inc., a global healthcare leader and one of the largest pharmaceutical companies in the world occupies 80% of the building. The remaining space is leased to Roche Diagnostics, EBM Group, U1 and Sodexo. Five is located near And?l – one of the busiest and most desirable office and retail destinations in Prague. With this purchase, TRIUVA has further diversified its commercial real estate portfolio.
“The unique Five project is situated in very popular Smíchov location with spectacular views towards Vyšehrad fortress and Prague castle. It is a workplace appreciated by people not only for the views but also for its focus on healthy work environment and the technologies implemented in the building. This is our second project developed in this area and we are happy to sell this building to a fund managed by TRIUVA.”, says Marie Passburg, Managing Director of Skanska Property Czech Republic.
Skanska has a proven divestment record in the Czech Republic, being a partner in commercial transactions with investment funds that includes Deka, Invesco and CIB Group. Prague is one of the fastest growing office markets in CEE and is also a local hub for the business services sector. The city’s investment attractiveness is illustrated by numerous multinational FDI operations that have established their local headquarters and offices here: Pfizer, Canon, Lukoil, Commerzbank, Infosys, and Google, to name just a few. The country itself has one of the highest density of business service centers in the world.
