Degi, part of Aberdeen Property Investors, has completed its second investment in Prague with the purchase of the fully let mixed-use complex Andel Palace in Prague. The purchase price amounts to around EUR 57mln. The property will be added to the Degi International open-ended property fund. The seller, which was advised by Jones Lang LaSalle Capital Markets, is a partnership backed by Quinlan Private of Dublin. Degi was advised by DTZ Prague.
Degi, part of Aberdeen Property Investors, has completed its second investment in Prague with the purchase of the fully let mixed-use complex Andel Palace in Prague. The purchase price amounts to around EUR 57mln. The property will be added to the Degi International open-ended property fund. The seller, which was advised by Jones Lang LaSalle Capital Markets, is a partnership backed by Quinlan Private of Dublin. Degi was advised by DTZ Prague.
'With this investment, we are expanding our exposure in Central East Europe and our investors will be able to benefit from the dynamic development of the CEE economy,' said Bärbel Schomberg, CEO of DEGI.
Completed in 2002, the building is situated in Prague's leading business district, Andel, and comprises approximately 14,500 m2 of office accommodation with retail at ground level. The property is long-term leased among others to ING and Toyota.
Degi International fund made its first investment in CEE in 2006. The fund currently owns assets of 139,000 m2 in the region, valued at EUR 554mln (around 24% of the fund's portfolio).
