Amundi Asset Management has completed the €64 mln purchase of the Praha City Center office building from Curzon Capital Partners III (CCP III), a core plus fund advised by Tristan Capital Partners.
Built in 1997, the office-led asset comprises 17,600 m2 of space including 2,200 m2 of retail accommodation on the ground floor. The seven-storey standalone building is located on Klimentska in Prague 1, the city’s main commercial and administrative district.
CCP III bought the asset in March 2014 in partnership with minority co-investor Portland Trust, from Germany's GLL Real Estate Partners for around €51 mln. It has subsequently upgraded and improved the building with a capital investment programme.
'The disposition of Praha City Center follows the successful conclusion of the business plan by increasing occupancy rate and improving the quality of the asset after the Fund completed enhancement work in the common areas,' said Jean-Philippe Blangy, managing director, head of Asset Management at Tristan Capital Partners. 'The building is set to become fully occupied following the finalisation of new long-term lease agreements with institutional-quality tenants. Tristan will continue to look for similar opportunities in Prague for our core plus and value-add funds.'
The vendor was advised by Cushman & Wakefield and Wilsons.
