German property fund manager Deka Immobilien has acquired the City Green Court office building in Prague for EUR 54.5 mln. The vendor was international construction and property development group Skanska.
German property fund manager Deka Immobilien has acquired the City Green Court office building in Prague for EUR 54.5 mln. The vendor was international construction and property development group Skanska.
The office building will be added to the portfolio of open-ended mutual property fund Deka-ImmobilienEuropa. The property is designed as a sustainable green building and was the first office building in the Czech Republic to be pre-certified with LEED Platinum status. It is still under construction and offers around 17,300 m2 of lettable area on eight floors.
The building is set to be completed this year and is almost fully let. The main tenant will be accounting and consultancy firm PricewaterhouseCoopers with a branch of its Czech subsidiary.
DekaBank Group is the largest provider of open-ended property funds in Germany. The two capital investment companies, Deka Immobilien Investment and WestInvest Gesellschaft für Investmentfonds, together managed over EUR 23 bn of assets at end-March 2012.
