Immoeast has completed its largest transaction in the Czech Republic to date through the purchase of a portfolio comprising five office and retail properties for EUR 210 mln. The properties are located in the capital city of Prague and Brno, the country's second-largest city.
Immoeast has completed its largest transaction in the Czech Republic to date through the purchase of a portfolio comprising five office and retail properties for EUR 210 mln. The properties are located in the capital city of Prague and Brno, the country's second-largest city.
The portfolio comprises a total space of 110,000 m2, of which two-thirds are for office use. Three of the five properties have already been completed, while another one will be developed by the end of this year. A large retail project in Prague is due for completion by 2010.
Major tenants include international companies such as Johnson & Johnson, Bertelsmann, ABN Amro and Raiffeisen as well as representations of the European Union and the European Parliament. The Czech Republic accounts for about 16% of Immoeast's entire real estate portfolio.