Korea's Shinhan Group & Global Investment Banking (GIB) has acquired an office asset in Prague through its real estate investment arm for €48 mln, PropertyEU can reveal.
The 11,000 m2 asset, located in Prague 8, is fully leased to global accounting firm KPMG on a 10-year term.
'This is a meaningful transaction to us, in that it represents the first capital fund from a Korean financial group investing in the Czech commercial real estate market,' said Eddie Dongyun Lee, a team leader of global real estate investment at Shinhan GIB.
'This is also our first attempt to find alternative Central European regions which have strong economic fundamentals,' Dongyun Lee added.
Dongyun Lee said that the firm had been focused on US commercial real estate markets in the past but was now looking to expand its investments in Europe.
The transaction closed on 19 December.
