July 19, 2017

AEW successfully sells Prague’s International Business Center

AEW successfully sells Prague’s International Business Center

<p>CBRE has advised AEW Europe, a multi-national real estate asset manager, with over EUR 60 billion of assets under management, in the disposal of International Business Center (IBC). </p>

<p>The buyer was Mint Investments, the Central European real estate Investment &amp; Asset manager, on behalf of a syndicate of private investors. AEW were advised by CBRE, Havel, Holásek &amp; Partners and Mazars. Mint Investments were advised by Mareš Partners and EY.</p>

<p>Built in 1993, International Business Center consists of ca. 23,800 sqm of lettable area and 299 parking spaces. IBC lies next to Hilton Hotel, in the heart of Karlin’s growing CBD. The Property comprises an iconic building with nine above ground floors and two underground floors. IBC is certificated with BREEAM In Use Very Good. </p>

<p>Chris Sheils, Head of Investment Properties at CBRE said: “It has been a pleasure working with both AEW and Mint and I would like to congratulate both teams on closing such an important transaction. We had strong interest in this property from a broad range of investors, indicative of the continuing level of demand for high quality office buildings in core locations that can deliver robust income returns.”</p>

<p>In H1 2017, the total investment volume in the Czech Republic reached almost EUR 2.1 billion. It was the strongest H1 in terms of volume in the history and on a rolling 12 month basis, volumes to the end of Q2 surpassed a new record of EUR 4.9 billion. </p>

<p>In H1 2017, the retail sector dominated the market with a 46 percent share, followed by offices with a 26 percent share of investment volumes.</p>

<p>CBRE forecasts that total investment volumes in 2017 will once more breach the EUR 3 billion level.</p>

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