Deka acquires Gemini in largest Czech deal of the year

Deka Immobilien has completed the acquisition of the Gemini office scheme in Prague from Austria's Sparkassen Immobilien for EUR 110 mln. Property adviser King Sturge, which acted for Deka, said it was the largest investment deal in the Czech Republic so far this year, accounting for 40% of the total volume of EUR 263 mln.

The Gemini complex is prime office scheme in Prague 4, one of the most popular business locations within the Czech capital. The property, developed by Immorent CR on behalf of Sparkassen, consists of two buildings (Gemini A, Gemini B) and accommodates headquarters of international companies such as Unipetrol, Volksbank, Novartis, Rossmann, Hill's Pet Nutrition and Prologis.

'With the (Czech) market down by 86%, the acquisition of Gemini office centre significantly improves this year's statistics and no doubt signals a return of stability on the market,' said Angus Wade, King Sturge's managing director and head of investment department.

Gemini is Deka's second acquisition in the Czech Republic this year. Deka acquired Jungmannova Plaza, a prime office building in Prague 1, for EUR 40.6 mln in the spring.

Last July the German real estate investment company carried out the largest investment transaction in Central and Eastern Europe to date when it bought Deloitte House in Warsaw from construction company and developer Skanska for EUR117 mln. Colliers represented Skanska and Clifford Chance acted as legal advisor. Jones Lang LaSalle acted for Deka in that deal.