Real estate fund manager Europa Capital has sold its Hadovka Office Park in Prague, the Czech Republic, to Wood and Company, one of the leading investment banks in emerging Europe. The fee has not been disclosed.
Hadovka Office Park is located in Prague 6, on the main road leading to Prague’s international airport. The building, comprising 22,265 sq m of office accommodation, is arranged over four floors above ground and a further two underground parking levels. The investment is 100 per cent let with significant occupiers including CapGemini, MSD (Merck and Company), Otis and Carrier (both part of the United Technologies Corporation).
‘The quality of this asset is evidenced by the high retention rate of its occupiers and the refurbishment we have carried out has gone a step further towards improving tenant satisfaction. This sale is a successful example of our strategy to acquire high quality but capital starved income producing assets and to modernise the fabric of buildings whilst improving the income profile,” said James Pennington, asset management director at Europa Capital.
“We are pleased to be adding Hadovka Office Park into our portfolio within Wood and Company’s Czechoslovak High-Yield Real Estate sub-fund, which already consists of three recently acquired office projects in Bratislava,” added Vladimír Jaroš, CEO of Wood and Company. “Our goal now is to focus primarily on the Prague office market, while Hadovka fits well into our plans and strategy. Hadovka is class-A office building in a unique location with a well-diversified tenant mix and we are dedicated to further improve services for our tenants.’
The sale of Hadovka Office Park is one of the largest transactions closed on the Czech market so far this year, with more bog deals on the way.
“We expect significant activity in the coming months across the office, retail and industrial sectors with forecast volumes for 2018 surpassing 2 billion euros,” said Chris Sheils, head of investment properties at real estate agency CBRE.