Mint successfully sells Panorama Business Center in Prague
Mint Investments, a Central European real estate Investment & Asset manager, has disposed of Panorama Business Centre in Prague. The buyer was Redside, manager of real estate open-ended investment fund NOVA Real Estate (SICAV). CBRE advised the seller on the disposal.
Built in 2000, Panorama Business Center consists of ca. 6,800 sqm of lettable area and 91 parking spaces. Panorama lies opposite the National Museum and one minute walking distance from the top of Wenceslas Square. The Property comprises a well-maintained modern building with eight above ground floors and three underground floors, high technical standard and attractive design. Panorama is certificated with BREEAM In Use Good.
Mint acquired Panorama in 2015 with 42 percent vacancy and since then they have successfully completed their asset management plan, reaching full occupancy, within one year. Following completion of their re-leasing strategy, the property has an average unexpired lease term of 5 years. For the purchaser, NOVA Real Estate, a fund managed by Redside, this represents a low risk, stable income producing asset which complements previous acquisitions made by the fund over the course of 2015 and 2016.
Chris Sheils, Head of Investment Properties at CBRE, said: “It has been a pleasure working with both Mint and Redside on this transaction and we are pleased to have concluded this on an off-market basis. This is a great demonstration of the growing importance of locally managed capital operating at different positions on the risk curve.”
There is a reasonable assumption that the total investment volume in 2016 will reach €3 billion, or even exceed this record high volume, coupled with continuing yield compression. The office sector should dominate the market this year with a 40 percent share of the 2016 investment volume.