Frankfurt-based SEB Asset Management has sold the Andel Park B office building in Prague to a fund managed by GLL Real Estate Partners.
Frankfurt-based SEB Asset Management has sold the Andel Park B office building in Prague to a fund managed by GLL Real Estate Partners.
The sale is part of the ongoing liquidation of SEB's flagship Immoinvest fund. Financial details were not disclosed, however the German asset manager said the property was sold 'under appraisal value'.
'Although the building is located in an established office district, current conditions made it difficult to sell,' it said in a statement.
SEB Immoinvest bought the asset in 2008 from Immoeast for €73 mln. The deal represented the vehicle's first investment in Prague.
Andel Park is located in the Smichov district of Prague, on the left bank of the river Vltava. The property provides total floor space of 23,000 m2. It covers two storeys below ground with 255 garage parking spaces and 3,000 m2 of storage space, plus the ground floor and seven storeys above ground.
The building is let to 28 companies, including Johnson & Johnson, UniCredit Leasing, Carl Zeiss, Whirlpool and Hochtief Development. The occupancy rate is 96%.
DTZ acted for the seller in the transaction while the buyer was represented by CBRE.
