Peakside Capital has acquired the Cube office complex located in Prague, Czech Republic, from PGIM Real Estate for an undisclosed amount.
The property comprises around 21,000 m2 of gross lettable area and is 94%-occupied by a number of companies, mainly representing the health and technology sectors.
Peakside purchased the asset on behalf of a separate account client.
It is its second investment in the Czech Republic, following the acquisition of portfolio of 72 retail assets purchased from Atrium in January 2015.
Peakside Capital was advised by real estate advisory firm JLL, law firm BNT, financial & tax advisors ASB and technical specialists Sentient. The seller was represented by real estate advisors from CBRE, law firm Clifford Chance and financial & tax specialist’s PWC.
'The Cube is another Peakside investment in the Czech Republic and clearly illustrates our objective to capitalize on the current market apprehension by acquiring quality assets at prudent pricing by providing vendors with certainty of execution,' said Otis Spencer, managing director of Peakside. 'We believe the Cube offers an attractive combination of stable cash flow together with a number of opportunities for further value growth, which have already been identified.'
