FHA Czech, a subsidiary of US investment fund Pramerica Financial, has acquired the office and retail section of the A7 Arena Holesovice project in Prague from ING Real Estate Development. The transaction value comes to about EUR 37 mln, providing a yield of about 6.6%.
FHA Czech, a subsidiary of US investment fund Pramerica Financial, has acquired the office and retail section of the A7 Arena Holesovice project in Prague from ING Real Estate Development. The transaction value comes to about EUR 37 mln, providing a yield of about 6.6%.
The property includes about 15,500 m2 of gross lettable floor space and 200 parking places. 'We have acquired an excellent re-development project for our investors. We see high upside potential in the A7 project, which is situated in an up-and-coming location,' said Pramerica's director of acquisitions Georg von Hammerstein.
FHA Czech has also acquired two extensively refurbished brewery buildings, one of which is fully let, and two new buildings under construction in the A7 Arena Holesovice project, a mixed-use redevelopment of a 19th century industrial complex in Prague 7 - Holesovice. The project includes the refurbishment of three industrial buildings of the former First Burgess brewery, plus the addition of four new buildings and an underground carpark with 441 parking spaces.
Property advisor Cushman & Wakefield, and law firm Squire Sanders & Dempsey acted for ING Real Estate Development. CMS Cameron McKenna acted for FHA Czech.
