The first office investment deal on the Czech market in 2013
Cushman & Wakefield are pleased to announce that they have advised Invesco Real Estate (IRE), the global real estate investment manager, on the acquisition of Stara Celnice in Prague 1 for approximately €38 million. Invesco acquired the asset on behalf of the iii-BVK Europa-Immobilien-Spezialfondsan, institutional real estate fund of Bayerische Versorgungskammer (BVK), which IRE has managed since 2000.
Stara Celnice is a 10,370 m² property consisting of both office and retail space, with the main tenants being Allen & Overy, Chartis Insurance and Reader’s Digest within the office segment and Billa grocery store anchoring the retail element. The property is situated within the heart of the historical district next to the Namesti republiky (‘Republic Square’) and its metro station, which connects the Old Town and Na Prikope.
Edward Thomas of Cushman & Wakefield’s Capital Markets Group says ‘It’s a great boost for the market to get such an important transaction across the line and closed in Q1. The acquisition provides an element of diversification to IRE existing Czech Portfolio and gives their client a unique foothold within the highly sought after and highly liquid Prague 1 office market.’
Tomas Picha, IRE’s Director - Transactions, CEE says: "The quality of Stara Celnice’s office space is regarded among the best in Prague due to its facilities and outfitting but also because of its prominence in the city which also affords the tenants some of the best views across Prague. This was a major attraction of the asset and we are therefore delighted that we were successful in securing this prime property.