Invesco Real Estate buys Prague asset for German client

Invesco Real Estate has bought a Prague office asset for a German client.

The investment manager completed its purchase of the Corso Court office building in Prague’s Karlin business district.

The 17,200sqm asset’s seller, developer Skanska, said the sale was its second in the Czech capital to Invesco Real Estate.

Adrian Karczewicz, transaction director at Skanska commercial development Europe, said: “We are seeing increasing interest in the CEE office market, and the Czech capital is still the first-choice location for investors exploring this part of Europe in search of profitable office real estate deals.”

Tomáš Pícha, director of CEE transactions at Invesco Real Estate, cited continuing demand from institutional investors for good-quality, core assets let to strong tenants in the Czech Republic.

The property is fully let to Skanska and Expedia.

Invesco has previously bought assets in Central and Eastern Europe for German pension funds Bayerische Versorgungskammer (BVK) and Nordrheinische Ärzteversorgung (NAEV).

Earlier this year, the manager bought the Plac Unii building for €226m for the two institutions, both of which are separate account clients. 

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