European real estate development and investment company AFI Europe has acquired Avenir Business Park in Prague for €71 mln from Episo 4, an opportunistic real estate fund advised by Tristan Capital Partners.
Tristan initially acquired the 25,600 m2 asset in June 2017 with a Breeam in use very good rating. It has since benefited from a €4 mln investment to both common and tenant areas, as well as multiple asset management initiatives.
The business park, which is strategically located in Prague 5 between the city centre and Vaclav Havel International Airport, has seen strong interest from international tenants in recent years, including Porsche, Porsche Engineering, McDonald’s, Conduent, CSOB (KBC Group), ING Bank, Dermacol and Coloplast.
Fabian Meinsen, executive director at Tristan Capital Partners, said: 'This business park had great potential when we acquired it thanks to its strategic location in western Prague.
'Following a substantial refurbishment programme, together with our operating partner, Mint, we have been able to increase occupancy from 60% to 98% and bring the campus to even more institutional quality.
'The successful disposal of the project in this time is testament to the strong interest from investors for well located and stablised products.'
Lukáš Schirl, partner at Mint Investments, said: 'Through its entire investment cycle, the project gave us an opportunity to utilise the abilities and knowledge of Mint Investments combining asset management, leasing, project and property management services and to complete a successful turnaround and repositioning. We are very proud of being part of this successful investment.'
The seller was advised by CBRE and Clifford Chance.
Dentons acted as a legal counsel to AFI Europe.
