Triuvia has sold a portfolio of four office properties to the Czech investment company Redside for just under €70m.
The subjects of the sale were four office buildings - the Pfizer and BNP headquarters, Vysehrad Victoria and Avenir Building E. Together, the properties have total rental space of 25,000m2 and a total of 238 underground parking spaces. The properties, which were built between 2004 and 2008, are spread out over the renowned Prague office districts Andel, Pankrac and Butovice.
“With this sale, we successfully marketed the fourth portfolio within a short space of time and again proved that we can make proper use of market cycles in the interests of our investors,” says Manuel DeVigili, head of investment management at Triuvia and responsible for transaction business. “The Czech Republic and Prague in particular will remain very interesting markets to us for new acquisitions in the future.”
In addition to the micro-location and the high-quality office fittings, the portfolio is distinguished above all by its well-known tenants. 60% of the total rent volume comes from renowned Fortune 500 companies, including BNP Paribas, Pfizer, Google and Porsche. 100% of the office space is let to a total of 28 companies.
Commenting on the transaction earlier this month, Tomáš Berka, Senior Associate, Investment Services, Colliers International said: “This prime office portfolio is a great acquisition for our client Redside as it offers exposure to the most liquid and sought-after asset class in Czech investment market, it is leased to strong covenants and has always maintained a very high occupancy level.”
CBRE, Schönherr, Rödl & Partner, TPA Horwath and Whitestar Real Estate advised TRIUVA on the transaction. Colliers, CMS Cameron, McKenna, ASB and Sentient worked for Redside.
