Prime office building in Prague 4 changes ownership
Colliers International provided its advisory services on the sale of the Olbrachtova 9 office building in the popular Prague 4 office district to a local property fund represented by MINT Investments. The gross transaction value totalled approximately €50 million, which represents the largest single office investment transaction to be closed in the Czech Republic in 2015.
The Class A office property, which was constructed in 2002, offers 19,000 sqm of office and retail space on 12 floors. Key tenants include Státní fond životního prostředí ČR, Opel, Provident Finance and Raiffeisen Bank.
The transaction represents the first acquisition by this local property fund representing private Czech investors. The purchase was made in partnership with Czech based asset manager MINT investments, who represented the buyer throughout negotiations and will provide ongoing real estate management services.
Sebastien Dejanovski from MINT Investments, said: “We are very pleased with this acquisition; Olbrachtova 9 offers a compelling combination of a high quality office building in a strong location, an excellent tenant mix, and a structure that enjoys easy access and visibility.”
Chris Sheils, Investment Services Director at Colliers International, commented: “We are very pleased to have been able to advise the seller on this disposal and to have worked with MINT Investments in this transaction in the Czech Republic. This is another excellent example of the continuing expansion of the capital base for the Czech investment market, a trend we expect to continue for the foreseeable future.”
The seller was represented by Colliers International, Schöenherr and KPMG, whilst the buyer was advised by White & Case and KPMG.