Aberdeen Asset Management Deutschland AG announces the sale of the "The Park", a complex of twelve office buildings in Prague, to an affiliate of Starwood Capital Group, a leading global private investment firm. The twelve office buildings with a total rental area of approximately 116,000 m² were built in the major Prague 4 business district between 2003 and 2008. The complex features generously landscaped parks and offers a broad spectrum of services ranging from medical to childcare and gym facilities.
"This is the largest office deal ever in the Czech Republic. It demonstrates the continuing return to form for the country in 2013. Completing a deal of this magnitude and complexity shows that international buyers and banks are committed to the market and can see the stability and value that the Czech Republic offers," says James Chapman, head of Capital Markets at Cushman & Wakefield Czech Republic and Slovakia.
Four of the buildings are held by Degi Europa, a further seven by Degi International and the twelfth by Degi Global Business. The total proceeds for the virtually fully leased complex were slightly less than the last market value determined by independent experts. This is the largest office transaction to ever take place in Prague's property market.
As Fabian Klingler, the responsible member of the Management Board, explains: "Generally, a transaction of this size requires lengthy and very detailed preparation, Thanks to our excellent market network and broad international experience, we were able to complete the sale at virtually market prices in just a few months. This sale will strengthen the cash flow of the Degi Europa, Degi International and Degi Global Business funds.”
Cushman & Wakefield, Clifford Chance and KPMG advised the seller.
Deutsche Pfandbriefbank (pbb) and Helaba are jointly financing the acquisition.