Redside sells Avenir E, prime office building in Prague 5
Avenir E, a grade A office building located in the established office hub of Nové Butovice, Prague 5 has been acquired by Investika.
“We purchased the asset in early 2016 via a portfolio transaction, as the only building in a non-core location. Since the acquisition, we have actively worked on improving it. The transaction proves our ability to not just buy, but also safely manage, add value and successfully realize our investments. Now came the time to capitalize on our efforts, dispose of the building and reinvest into assets with better return characteristics,” says Tomas Berka, Fund Manager in Redside, fund management company.
“JLL is proud to have represented Redside throughout the sale process of Avenir E. The transaction is an excellent example of the increasing activity of domestic capital in the Czech market. In case of Avenir E both parties, the seller and the buyer, were local domestic investors,” says Jiri Horak, JLL Capital Markets.
Avenir E is a stand-alone office building within the Avenir Business Park complex. The 6,700 sqm building was completed in 2008 and received the Best of Realty award that year. The building comprises 5 upper floors of office accommodation and provides generous parking facilities. Avenir E is easily accessible by public transportation and by car and its location offers the full range of amenities within walking distance.
JLL acted as the commercial sales adviser during this transaction, the legal advisory was provided by bpv Braun Partners, the tax and financial advisory by ASB Group and Sentient provided the technical expertise.