German fund manager Deka Immobilien has acquired office complex The Park in Prague from an affiliate of global private investment firm Starwood Capital Group.
The park was reportedly acquired for €400 mln.
The property will be transferred to Deka’s new institutional fund Deka-Immobilien Fokus Prag (DIFP) once the sale is closed, which is expected to take place at end-October.
‘The fund is the first product in the new Club Deal Series that we plan to expand steadily in the coming years in response to increasing demand from institutional investors for custom-tailored real estate investments,’ said Torsten Knapmeyer, managing director of Deka Immobilien.
The Park is located southeast of the city in Prague 4, the biggest office market in the Czech capital. It consists of 12 office buildings built between 2003 and 2008 in a campus-style setting. The 116,000 m² of leasable space is occupied primarily by international technology companies.
The 50 tenants include companies such as DHL, Honeywell, CA Technologies and IBM, together with several retailers and restaurant companies.
