Czech investor CPI has acquired two office buildings in the City West office park project in Prague from local developer Finep for around EUR 70 mln. CB Richard Ellis, which advised the seller on the acquisition, said the deal is the largest Czech real estate investment transaction of 2010.
Czech investor CPI has acquired two office buildings in the City West office park project in Prague from local developer Finep for around EUR 70 mln. CB Richard Ellis, which advised the seller on the acquisition, said the deal is the largest Czech real estate investment transaction of 2010.
Completed in January 2010, the asset comprises 28,820 m2 of lettable space, the majority of which is leased to Siemens as its corporate headquarters in the Czech Republic. The City West business park development offers a total of 100,000 m2 of commercial space across seven buildings. The entire project is due to be completed by 2014.
'We are pleased to conclude this successful transaction,' said Stuart Bloomfield, head of CBRE's capital markets team in the Czech Republic. 'This deal shows the continuous improvement in the Czech commercial real estate investment market.'
