ING REIM has concluded the sale of Budejovicka alej - an 11,600 m[sup]2[/sup] prime grade A office building in Prague 4 - to a local purchaser in a deal worth over EUR 30 mln. Cushman & Wakefield acted on behalf of ING REIM. The adviser described the multi-tenanted and fully leased building as one of Prague's highest profile office premises.
ING REIM has concluded the sale of Budejovicka alej - an 11,600 m2 prime grade A office building in Prague 4 - to a local purchaser in a deal worth over EUR 30 mln. Cushman & Wakefield acted on behalf of ING REIM. The adviser described the multi-tenanted and fully leased building as one of Prague's highest profile office premises.
Cushman & Wakefield also advised on the sale of Prague 8, a 6,500 m2 office building at Thamova 18, Karlin, on behalf of Invesco. The building is fully leased to Unilever, and was purchased by a private investor.
The sales represent only the second and third institutional office investment transactions completed in the Czech Republic during 2009, C&W said in a press release.
'This investor activity clearly illustrates a demand for the best product in the marketplace, despite the underlying market conditions,' said Philip Wood, of Cushman & Wakefield’s Capital Markets Group in Prague. 'These transactions have established a new market pricing benchmark for office investment product, and as a consequence we are now seeing a number of focused investors seeking prime Grade A office product step up their acquisition activities in Prague.'
Total institutional office investment transactional activity in Prague now stands at just under EUR 100 mln to date in 2009.
