LaSalle Investment Management has announced the acquisition of the Palác Andel mixed-use scheme in Prague from Aberdeen Asset Management Deutschland, the German subsidiary of Aberdeen Standard Investments.
The acquisition, worth a total of €58 mln, was made on behalf of LaSalle's E-Regi open-ended European fund and represents the vehicle's first investment in the Czech Republic.
Located in the Prague district of Smíchov, the asset provides over 14,500 m2 of office space over six floors above ground and two underground levels used for parking. The building offers nearly 80% of office space and15 % of retail area. It is nearly fully let with tenants including H&M, Pfizer, Toyota, Falcon and mBank.
Karim Habra, head of Continental Europe at LaSalle Investment Management, said: 'I am delighted with this latest purchase on behalf of LaSalle E-Regi, which, as the Fund’s first in the Czech Republic, gives it more diversification and access to the most attractive market in Central and Eastern Europe. The mixed use of the building also allows for further use-diversification within the portfolio.'
Jeff Alson, head of Capital Markets CEE at Cushman & Wakefield, which advised the vendor, said 'Palac Andel is the perfect example of a transaction where we were able to attract to the deal both local capital and pan-European or global capital, thus creating intensive bid competition. The broad level of interest is driven by the strength of prime location and accessibility of the lot size.'
Cushman & Wakefield and Clifford Chance represented the seller. White & Case, JLL, TPA represented the buyer.
