December 04, 2017

LaSalle Fund acquires Prague mixed-use building

LaSalle Fund acquires Prague mixed-use building

LaSalle Investment Management has acquired Palác Andel in Prague from Aberdeen Asset Management Deutschland, the German subsidiary of Aberdeen Standard Investments. This mixed-use scheme in the Prague district of Smíchov–Andel is the first Czech Republic asset for LaSalle E-REGI fund. The total purchase price reached €57.8 million. Cushman & Wakefield and Clifford Chance represented the seller. White & Case, JLL, TPA represented the buyer.

The premises, which have an area of more than 14,500 sqm, consist of six floors above the ground and two under, along with parking and warehouse space. The building compromises around 80% of office space and 15 percent of retail area. Among its tenants are such brands as H&M, Pfizer, Toyota, Falcon or mBank. The property is nearly fully leased.

Karim Habra, Head of Continental Europe at LaSalle Investment Management, said: “I am delighted with this latest purchase on behalf of LaSalle E-REGI, which, as the Fund’s first in the Czech Republic, gives it more diversification and access to the most attractive market in Central and Eastern Europe. The mixed use of the building also allows for further use-diversification within the portfolio.”

Bernd Bechheim, Head of Transactions and Asset Management, (Continental Europe) at Aberdeen Standard Investments, Germany commented: “The successful recent leasing activities underline the quality of the asset and its future potential. We have achieved a good performance for our investors on asset level during the holding period.”

Jeff Alson, Head of Capital Markets CEE at Cushman & Wakefield, said: “Palac Andel is the perfect example of a transaction where we were able to attract to the deal both local capital and pan-European or global capital, thus creating intensive bid competition. The broad level of interest is driven by the strength of prime location and accessibility of the lot size.”

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