Business

KGAL acquires first property in the Czech Republic

German fund manager KGAL has made its first investment in the Czech Republic, acquiring the DRN office building in Prague. The fund also holds properties in Germany, Austria, Ireland, Hungary, the Netherlands and Poland.

The centrally-located property, designed by Stanislav Fiala, incorporates parts of the original Schönkirchovský Palace which dates from 1734 with an interconnecting new building, completed last year and which provides high-quality office space and eating and drinking amenities.

“The DRN complex is a unique gem of commercial real estate. It combines a first-class workspace with superb architecture that blends the traditional with the modern,” said André Zücker, managing director for real estate at KGAL Investment Management.

The Czech Republic is an increasingly attractive location for commercial real estate investors. Since 2011, the country has held an AA- rating from the rating agency Standard & Poor’s, the best in Central and Eastern Europe.