Skanska sells Five to Triuva for EUR 50 million
Skanska has sold Five, a prestigious office building located in Prague, in the Czech Republic. The property has been acquired by a German real estate fund managed by Triuva Kapitalverwaltungsgesellschaft mbH, a European-wide active investment manager based in Frankfurt.
Five is a prestigious new office development, which showcases technologically advanced and innovative features, and whose green credentials are underpinned with LEED Platinum certification. The property, providing 14,400 sqm GLA is already 100 percent leased. MSD IT Global Innovation Center, part of Merck & Co Inc., a global healthcare leader and one of the largest pharmaceutical companies in the world, occupies 80 percent of the building. The remaining space is leased to Roche Diagnostics, EBM Group, U1 and Sodexo. Five is located near Anděl – one of the busiest and most desirable office and retail destinations in Prague. With this purchase, Triuva has further diversified its commercial real estate portfolio.
“I am glad that Triuva has again invested in Skanska property and we can welcome them among our business partners in CEE,” said Adrian Karczewicz, Head of Divestments at Skanska commercial development division for Central and Eastern Europe. “In recent years our region has become a well-regarded location with excellent risk-return spectrum. It is a region that gives a great opportunity for portfolio diversification. The Prague Office market is one of the top tiers here.”
Skanska has a proven divestment record in the Czech Republic, being a partner in commercial transactions with investment funds that include Deka, Invesco and CIB Group. Prague is one of the fastest growing office markets in CEE and is also a local hub for the business services sector. The city’s investment attractiveness is illustrated by numerous multinational FDI operations that have established their local headquarters and offices here: Pfizer, Canon, Lukoil, Commerzbank, Infosys, and Google, to name just a few. The country itself has one of the highest densities of business service centres in the world.
The seven-storey Five office building was commissioned for use in April 2017. The property has 143 parking spaces and is strategically positioned between two busy transportation hubs – Anděl Metro Station and Smichov Railway Station – offering commuting and travel possibilities to both domestic and international destinations. Being situated near the Vltava River, Five offers a tranquil working environment, and unique views of the historical city center, Prague Castle, and the Vyšehrad Fortress.
During the sales process, Triuva Kapitalverwaltungsgesellschaft mbH was advised by CBRE, and JLL acted as the exclusive agent for Skanska. Legal advisers for the transaction were Schonherr for the purchaser and Dentons for the seller.