Invesco Real Estate, the international property investment manager, has purchased the Futurama business park in Prague's Karlin district. Although the financial details were not disclosed, the deal is believed to be worth some EUR 50 mln reflecting a gross initial yield of 6.9%. Invesco said the transaction was made on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional Pan-European core real estate fund of Bayerische Versorgungskammer (BVK).
Invesco Real Estate, the international property investment manager, has purchased the Futurama business park in Prague's Karlin district. Although the financial details were not disclosed, the deal is believed to be worth some EUR 50 mln reflecting a gross initial yield of 6.9%. Invesco said the transaction was made on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional Pan-European core real estate fund of Bayerische Versorgungskammer (BVK).
The vendor is Austrian developer Erste Group Immorent.
The Futurama business park comprises three newly-built, Grade A office properties with a total space of 18,500 m2 including over 200 parking spaces. The property is pending a BREEAM certification, and is expected to be rated 'Very Good'. Tenants include Clearstream, a subsidiary of Deutsche Boerse, Window Holding, Parexel and Teva Pharmaceutical Industries Ltd.
'Our House View suggests the Central European market as one which is expected to provide robust returns over the next five years. The Czech Republic itself could be one of the safe havens to invest in, in these uncertain times given the current problems and risks attached to the eurozone,' said Bettina Knirsch, Invesco Real Estate's director of Fund Management.
