German fund manager KGAL has acquired the Square Center mixed-use scheme in Prague, on behalf of a pan-European fund. Financial details were kept confidential.
The vendor is peer group Commerz Real’s Hausinvest fund.
The asset, including offices, retail, restaurants and healthcare space, provides around 20,000 m2 of almost fully let space. It counts tech firm Cisco Systems, tobacco company Philipp Morris as well as Dior, Raiffeisenbank and Commerzbank among its tenants. In addition, the property provides 150 underground parking spaces for cars.
Built in 2002, the center has been certified as sustainable in accordance with the BREEAM standard.
‘The Charles Square Center is our second real estate investment in Prague. It offers us the opportunity to participate in Prague's economic potential,’ said André Zücker, managing director and head of Real Estate of KGAL Investment Management.
‘Following a successful repositioning and full leasing we have utilised the ongoing demand for core properties to attain a very good result for our investors thanks to a sale,’ added Mario Schüttauf, the fund manager for Hausinvest.
JLL brokered the deal.
