Savills announced that it has advised a fund managed by the Real Estate Group of Ares Management Corporation, a leading global alternative investment manager, and local partner Portland Trust, on the sale of Coral Office Park in Prague to Mint Investments, one of CEE’s leading real estate investors. Four independent office buildings totalling almost 35,300 sqm set in landscaped grounds with a full array of lifestyle amenities, forming a prominent, institutional-grade business park in an established office location of Prague 5, were sold for an undisclosed price.
The purchaser, Mint Investments, was advised by Clifford Chance, TPA and Arcadis. Wilsons acted as legal counsel to the seller.
Coral Office Park, a rebranded and modernised office park with an efficient building design, highly representative reception areas, excellent tenant amenities and occupational flexibility, comprises over 31,000 sqm lettable office space and around 3,000 sqm retail space. The project also includes a fitness centre, a nursery and a kindergarten, facilities for cyclists and a newly extended restaurant. In 2021, Coral Office Park became the first office park in the Czech Republic to obtain the WELL Health-Safety Rating. International covenants include Cofidis, Regus, Škoda Transportation, LeasePlan and The Kuehne + Nagel Group amongst others.
Robert Neale, Managing Director of Portland Trust comments: “The disposal marks a successful conclusion to our business plan. Since the acquisition, we have undertaken a systematic upgrade and modernisation of the entire business park resulting in almost full occupancy, whilst adding a raft of “prop-tech” amenities and well-being initiatives essential to attract and retain tenants.”
Sebastien Dejanovski, Mint Investments adds: “After a number of years, we are returning to Coral Office Park, this time not only as an asset manager but also as proud owners. We see a continued opportunity in this acquisition to yet again deliver exceptional returns to our private investors, further improving this landmark office park in a key office location.”
Stuart Jordan, Managing Director of Savills CZ&SK, says: “The transaction confirms continued strong interest in the office sector in Prague from investors, whereby the occupational outlook remains positive. The amenity offers of the asset alongside its WELL Certification ensured that post lockdown periods, occupancy bounced to pre-pandemic levels exceptionally quickly.”