Private equity firm Redstone Real Estate has purchased Galleries Louvre, a flagship office scheme in Prague, from Spanish investor Azora Europa.
The transaction volume for the 4,800 m2 grade-A office building was not disclosed.
'Galleries Louvre, as a well-established asset in a growth location, fits well in our opportunistic strategy to seek tenants who appreciate attention and high-quality service. With our strong financial backing and an experienced team which keeps expanding, we are confident of building a growth-oriented portfolio of assets located in the Czech Republic and Slovakia,' commented Richard Morávek, founder of Redstone Real Estate.
The property, which is located in office district Prague 5 Radlice, is leased to blue-chip tenants including LAFE, VZP and Stadler.
'We are very satisfied with the sale of Galleries Louvre. It is a high-quality project located in an established and still improving area. It has been appreciated by international tenants with whom we extended the leases during the last six years. The decision on the sale was taken considering the positive investment mood in the Czech market and the internal strategy of the fund,' said Anna Szelc, Azora Europa's CEE head.
The seller was assisted by JLL as its property advisor and CMS Cameron McKenna as its legal advisor. The buyer was advised by Squire Patton Boggs on legal matters and Deloitte on tax and financial aspects.
