Caerus IM picks up Prague office scheme for separate account

Caerus Investment Management has closed the acquisition of the second phase of the Futurama Business Park in Prague from developer Erste Group Immorent CR for an undisclosed price.

The deal, which was carried out on behalf of a separate account client, comes four years after Invesco, the international property investment manager, signed the purchase of the 18,000 m2 Phase I for around €50 mln or a gross initial yield of 6.9%.

'The acquisition of this trophy property was one which was hotly contested in the investor community,' said Peter Koritschan, managing director at Caerus Investment Management.

Phase II offers around 15,400 m2 of office accommodation across two separate buildings; namely D&E.
Completed in 2012, it is strategically located directly on Invalidovna metro station in Karlín, Prague 8. Occupiers include Deutsche Börse; shipping and logistics firm Panalpina and business services Group ACS (Xerox).

Senior debt for the transaction was provided by Ceska Sporitelna/Erste Bank.

'Like our campaign for Phase I, the property attracted very strong interest from a range of international investors which are seeking high-quality assets in the Czech Republic at a yield differential to Western Europe,' said Dusan Stastnik, National Director of Capital Markets in the Czech Republic at JLL, which advised the vendor.