CBRE advises on the sale of Prague’s Avenir Business Park
CBRE has successfully advised on the off-market disposal of Avenir Business Park. The purchaser was a fund managed by Tristan Capital Partners along with their co-investing local partner, Mint Investments. The seller was advised by CBRE and Kinstellar. Tristan Capital Partners and Mint Investments were advised by PricewaterhouseCoopers and Allen&Overy.
Avenir Business Park is a high quality grade-A office development situated in the popular office district of Prague 5 – Nove Butovice. The property was constructed in two phases, completing in 2004 and 2005 and is leased to eight tenants, such as ČSOB, Porsche Česká Republika and SONY.
Chris Sheils, Head of Investment Properties at CBRE said: “Congratulations to Tristan and Mint on finalising this acquisition. Avenir is a high quality multi-let office park located in one of the most important decentralised office districts in the city. This sale represents a positive exit for our client, whilst also offering good upside potential for the purchaser.”
In H1 2017, total investment volume in the Czech Republic reached almost EUR 2.1 billion. It was the strongest H1 in terms of volume in the country’s history and on a rolling 12-month basis, volumes to the end of Q2 surpassed a new record of EUR 4.9 billion. 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.
CBRE forecasts that total investment volumes in 2017 will once more breach the EUR 3 billion level.