AEW sells Prague office building to Redside – EuropaProperty

AEW has sold the Smíchov Gate office building in Prague 5 after almost ten years of ownership on behalf of one of the funds managed by AEW. The new owner is Redside, manager of real estate open-ended investment fund NOVA Real Estate (SICAV). Cushman & Wakefield facilitated the sale of the property.

Smíchov Gate was held within AEW’s portfolio since 2007. The company proceeded to sell the property as the fund had reached the end of its lifecycle. Apart from Smíchov Gate, AEW’s portfolio in the Czech Republic includes among others the Amazon logistics centre in Dobrovíz and Prague’s Galerie Myslbek.

“Redside’s acquisition of Smíchov Gate is another example of the trend of growing self-confidence among Czech investors. The local entities’ share in the total amount of investments in the Czech Republic has been steadily growing for the last three years and we expect the trend to continue this year. Czech investors participated in 30 percent of all transactions last year,” said Ondřej Vodňanský of Cushman & Wakefield.

Redside bought Bluehouse’s retail portfolio, including the Rýnovka shopping centre in Jablonec, Orlice Park in Hradec Králové and Ahold hypermarket in Znojmo, through its NOVA Real Estate fund at the end of 2015. Last year Redside focused on office facilities in Prague. It acquired a portfolio of four office buildings from Triuva at the beginning of 2016 and has been the owner of the Panorama Business Center since November.

Smíchov Gate is a Class A office building in Prague 5 – Anděl. The property is situated close to the Nový Smíchov shopping centre and its occupiers include companies such as Hochtief, Cardif Pojišťovna and TNT Worldwide.