After completing the purchase of the Hilton Prague for a price believed to be around €250-300m, PPF Real Estate Holding this week snapped up the Diplomat Prague business hotel in the Czech capital from Rabbit Holdings Public Company Limited, a Thailand-based financial services and real estate firm.

Operated under the Vienna House Diplomat Prague brand by Wyndham Hotels & Resorts, the hotel features 400 guest rooms and extensive conference facilities.

The transaction comes hard on the heels of a number of major acquisitions in the Czech Republic which have lifted CRE investment volumes over the €2bn threshold in the first six months of this year. The record figure for H1 2025 is higher than the total investment volume of the full previous year and puts the country ahead of Poland in terms of transaction volumes.  

Strong activity is forecast for the remaining part of 2025, with a number of deals in the works, including CPI Property Group’s potential sale of the Czech residential portfolio of nearly 12,000 apartments worth some €890m.

In addition to the living sector, the industrial and logistics sector played a dominant role in the Czech market, attracting both international institutional investors and local capital. Last week Clarion Partners Europe invested €50m to acquire a 47,000m2 logistics platform in Zatec, fully let to Yanfeng, a leading global automotive interiors supplier, on a new 15-year triple-net lease.

“The Czech Republic is now leading the entire CEE region in investment volumes, ahead of Poland’s much larger market. Logistics dominated activity in H1, and the momentum is set to continue, with major office and shopping centre deals lined up for H2 and early 2026,” said Petr Strýček, Head of Czech Capital Markets at iO Partners, a partner of JLL in CEE.

Also this week, Brookfield completed its largest European loan to date by providing £450m of debt secured against two outlet centres in the UK and Bain Capital closed the purchase of Pullman Montparnasse in Paris from Unibail-Rodamco-Westfield in a deal said to be worth some €400m. 

Built in 1974, the 4-star, 957-key hotel spans 32 floors and is adjacent to Gare Montparnasse. It has already undergone a comprehensive refurbishment which completed in 2021, with over €216m invested to modernize its facilities.

 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
Pullman Paris Montparnasse hotel Paris Bain Capital URW 957 rooms €400+ The Pullman Montparnasse has already undergone a comprehensive refurbishment which completed in 2021, with over €216 million invested to modernize its facilities.
warehouse portfolio logistics Italy LeadCrest Leroy Merlin 11 assets €125 The transaction involves the acquisition of nine existing assets completed in June, and two built-to-suit assets expected to be delivered by year end.
Bedford Commercial Park logistics Bedford, UK Aermont Capital Goodman Group 659,000sqft £100 (€115) The sale of the fully let asset reflects a net initial yield of 4%.
Mimersgade 39-49 mixed Copenhagen Københavns Ejendomme 3F NA €43 (DKK320) The property is mostly for office use.
distribution warehouse logistics Doncaster, UK NA Property Income Trust for Charities NA £29.25 (€33.9) The two-unit warehouse at Trax Park was built in 2002 and was acquired in 2014.
Monteco building office Brussels Caisse d’Épargne et de Prévoyance Hauts de France Nextensa and Ion 3,760m2 €28 The property was fully redeveloped between 2020 and 2022 into the first timber-structured high-rise office building in Brussels.
Sentinel office Glasgow Ardstone Capital Scottish property firm Ediston and Strathclyde Pension Fund 84,000sqft £20 (€23) Tenants include JLL, legal firm DWF, insurance provider Chubb, energy expert Aggreko and Sedgewick International.
Diplomat Prague hotel Prague PPF Real Estate Holding Rabbit Holdings Public Company 400 rooms NA The hotel is located in close proximity to the PPF group headquarters.
industrial portfolio logistics Sweden Hines NA 70,500m2 NA The transaction comprises eight assets located in prime submarkets across Gothenburg and Stockholm.
76-unit urban logistics portfolio logistics UK Indurent Chancerygate and Bridges 750,000sqft NA The portfolio comprises the forward acquisitions of Torque in Erdington, Birmingham and T45 in Leeds, along with the acquisition of Holbrook Park in Coventry.
Barimax shopping village retail Bari, Italy Focus Estate Fund Fiumaranuova s.r.l. 18,785m2 NA With this acquisition, Focus Estate Fund now holds 13 retail assets across Europe, including its first in Italy.
Boatfolk national coastal marina portfolio alternative UK Premier Marinas Mansford 11 assets NA The marinas are situated around the UK coastline, including Bangor, Bristol, Conwy, East Cowes, North Shields, Penarth, Portland, Portsmouth, Rhu, Southampton and Weymouth.
stake in Areim corporate Nordics NPS, Townsend Areim shareholders NA NA Areim, which owns portfolio across all property types in the Nordic region, will remain an independent real estate investor.
UK and Irish resi operating platform living UK, Ireland Quadreal Realstar 6,000units NA The platform now manages nearly 6,000 residential units across London, Manchester, Birmingham, Leeds and Dublin, with a substantial portion of the portfolio operating under the UNCLE brand.
vacant office building office Frankfurt PGIM Real Estate NA 15,000m2 NA The vacant office scheme will be redeveloped into 300 residential units.
affordable housing portfolio living Madrid DWS Culmia 1,763 homes NA All the homes are currently in the leasing phase, with most projects reaching occupancy levels between 98% and 99%.
logistics centre logistics Bleijwijk, the Netherlands AXA IM Alts NA 61,000m2 NA The fully leased asset completed in 2020.
Row One development office London Stanhope and Cheyne Landsec 1.24 acres NA The site has planning consent for a new 250,000sqft office tower with a Gross Development Value of £450m.
Steigenberger Hotel hotel Berlin PGIM Real Estate Amundi, EDF 339 rooms NA The developer, Stauss & Partner, invested approximately €75m in the new building, which was completed approximately 10 years ago.
resi complex living Vienna Catella European Residential III NA 15,900m2 NA The complex comprises three fully-let buildings with a total of 192 apartments in northern Vienna.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Die Welle office Frankfurt Invesco 80,500m2 €400 NA The office complex was acquired by Invesco Real Estate in 2019 for €620m.
St Christopher’s Place office London Starwood Capital 1.5acres £275 (€317) Savills and Eastdil Secured The 1.5 acre estate includes retail, restaurants, offices and residential. Located next to Bond Street station.
The Sustainable Finance Factory office London Aviva 25,916sqft £30.5 (€35) CBRE The sale reflects a net initial yield of 5.78%.
Stock Exchange Court mixed Glasgow NA 5,185m2 £22.5 (€26) JLL The sale reflects a net initial yield of 7.25%.
TSB head office office Edinburgh NA 56,000sqft £19 (€21) JLL The price reflects a net initial yield of 7.5% for the George Street property which generates a rent of £1,485,000 a year.
assisted living portfolio living Bettenhausen, Germany Cureus 260 units ~€20 Pecuria The portfolio consists of 96 apartments for assisted living and 163 care apartments.
the International Hotel hotel Killarney, Ireland The Coyne family 172 bedrooms €18-20 CBRE It has been over a decade since a major Killarney hotel last came to the market.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Bond investors Inmobiliaria Colonial Unsecured €800 The six-year bond carries a 3.125% annual coupon.
Brookfield LaSalle IM Cheshire Oaks Designer Outlet and Swindon Designer Outlet £450 (€519) The transaction is Brookfield’s largest European loan deal to date.
Societe Generale Group (SCG) and First Abu Dhabi Bank (FAB) Feldberg Capital Akoya workspace portfolio £171 (€197) The faciltiy refinances an office-led portfolio.
AS LHV Bank Hepsor Manufaktuuri Factory Phase I and Manufaktuuri 12 €40 The loans will finance two developments in Tallinn.
Investec Moorfield Group PBSA scheme in Bristol £26 (€30) The senior debt facility will fund the development and stabilisation of a 204-bed purpose-built student accommodation (PBSA) scheme in Bristol.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
Iroko Zen Iroko Atlas Investing across all property types in Europe with an opportunistic profile. The Iroko Atlas SCPI targets an IRR of 7% over 10 years, and a non-guaranteed distribution rate of 6.5% per annum.

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