Tristan fund acquires Central Prague office building

A fund managed by pan-European real estate investment manager Tristan Capital Partners has acquired a Grade-A office building in Central Prague.

The CCP III core-plus real estate fund purchased the asset from Germany's GLL Real Estate Partners for around €51 mln.

The seven-storey standalone building is located on Klimentska in Prague 1, the city’s main commercial and administrative district. The property was constructed in 1996 and has a floor area of about 18,000 m2, including ground-floor retail units and a large parking garage. Tenants include Baker & McKenzie, Regus and Amgen.

Daniel Harris, managing director Europe for Tristan Capital said: 'Office construction in the centre of Prague has been very limited in recent years and the historic nature of the city means that there is a shortage of suitable development sites. Yet this is the part of the city where increasing numbers of companies want to locate. The Klimentska building is of high structural quality and is very well located close to main public transport hubs. We're planning a full refurbishment of its common and office areas, turning the building into one of Prague's prime office locations, capable of retaining the high-quality tenants already there and convincing others to re-locate.'

Advisors involved in the transaction were Colliers and Cushman & Wakefield.