European real estate private equity firm Peakside Capital has completed the acquisition of an office property in Prague for an undisclosed sum.
The vendors were Austrian development and investment companies MOF Immo and Credo Real Estate.
The asset, Argo Alpha, is an office property comprising 12,600 m2 of GLA, leased to tenants active in the pharmaceutical, transportation and electronics sectors.
'Argo is our third Czech investment completed within the last two years, which clearly demonstrates our confidence in this market,' commented Michal Nawrot, associate in Peakside’s Warsaw office. 'The transaction was closed in less than three months from signing the letter of intent, which again demonstrates that Peakside acts decisively on transactions if the target project meets our investment criteria, providing certainty of execution to sellers.'
It was acquired on behalf of a separate account client and represents the third investment by Peakside in the Czech Republic, following the purchase of a portfolio of 72 retail assets in January 2015 and the acquisition of the Cube, another office in Prague, in June 2016.
Peakside was advised by law firm BNT, financial & tax company ASB and technical advisors Sentient. The vendor received legal advice from Dentons and CBRE provided real estate advice.
