Hannover Leasing sells office property in Czech Republic

Cushman & Wakefield has sold the office property City Center Èeské Budìjovice in the Czech Republic on behalf of German closed-end fund manager Hannover Leasing.

The purchaser and financial details were not disclosed. PropertyEU understands, however, that the investment volume was below EUR 40 mln and that the buyer was a domestic family investor.

City Center Èeské Budìjovice provides 21,000 m² of high quality office and retail accommodation over eight levels and 137 parking spaces in the center of Èeské Budìjovice in the region of South Bohemia. The office component is fully let to the Czech headquarters of European power utility E.ON. The retail passage is leased to a variety of tenants, including a bank and a fitness centre. Hannover Leasing acquired the asset in 2008.

Laurent Rucker, vice president and head of international real estate at Hannover Leasing, commented: 'We are very pleased we were able to realise the transaction with the help of our consultants Cushman & Wakefield and our legal advisors Clifford Chance. The entire transaction has been executed within a relatively short period and we are very satisfied with its outcome.'

Karolína Matoušková, partner from Cushman & Wakefield’s Capital Markets Team said: 'The prime real estate market in the Czech Republic has seen a dramatic improvement in transactional activity over the course of 2011. This represents the first major investment transaction in the Czech Republic this year and we believe it is just the beginning of what will be a successful year.'