Immoeast has purchased the Gamma property in the BB Centrum office complex of Prague for EUR 110 mln. The purchase of BB Centrum Gamma is part of the company's extensive investment programme for the 2007/08 business year. Immoeast noted that almost half of the total investment volume of EUR 6 bn was finalised in the first quarter of the year.
Immoeast has purchased the Gamma property in the BB Centrum office complex of Prague for EUR 110 mln. The purchase of BB Centrum Gamma is part of the company's extensive investment programme for the 2007/08 business year. Immoeast noted that almost half of the total investment volume of EUR 6 bn was finalised in the first quarter of the year.
The building provides 42,800 m2 of floor space and is leased to telecommunications giant Telefonica. In addition to the offices, there are also smaller storage, business and restaurant areas. The building was completed at the end of 2006. Immoeast owns now four properties in BB Centrum. The other three properties with a total of 73,000 m2 were acquired at the beginning of 2007. These are also fully let to companies such as Eurotel, GE Money Bank, 3M and Hewlett Packard.
'BB Centrum is top of the range in Prague,' said Immoeast CEO Karl Petrikovics. 'An overall project of this size is practically unrepeatable in central Prague, and BB Centrum will set the standards in terms of the quality of both the property and location, even in the long term.'
Immoeast owns a portfolio comprising 89 properties and total floor space of 1,4 million m2 in the Czech Republic, Immoeast's second-largest investment target market following Romania.