The largest and oldest Czech open-ended property fund, managed by REICO investiční společnost České spořitelny, purchased the Park One office building in Bratislava in January. The investment volume of this latest acquisition of the ČS real estate fund is around CZK 960 million (€35.6 million). The transaction was carried out via transfer of a 100 percent stake in the real estate company which owns the Park One building.
“The Park One constitutes an important addition to the Slovak portfolio of the ČS real estate fund. Through this acquisition the fund secures the headquarters of a strong corporation Amazon in a central Bratislava location,” said Václav Kubáček, Head of Acquisitions, Disposals and Valuations for REICO IS ČS.
“This prime office building offers very favourable risk-adjusted returns for our unit holders. It has a great potential to generate long-term sustainable income and contribute to stable growth of our portfolio” added Tomáš Jandík, Chief Investment Officer and board member of REICO IS ČS.
The ČS real estate fund purchased the Park One building from the private investment company Falcon II Fund. Besides Slovakia, Falcon II also has real estate investments in France, Germany, and the Czech Republic.
The Park One enjoys an exclusive location in the centre of the Old Town, ranking among the most favourable office areas in Bratislava.
Park One is a 13-level office building with 9 above ground floors and 4 underground parking levels accommodating 167 parking spaces. The total leasable area of the property is about 13,200 sqm, with 100 percent of the lettable area currently occupied.
The largest tenant in the property is the local branch of Amazon, the U.S e-commerce corporation, occupying more than half of the total leasable area. Along with Zurich Insurance, they take up more than three quarters of the building’s lettable area. Other tenants include the branch offices of international companies such as L’Oréal and CBRE.
With this purchase, the ČS real estate fund has grown its property portfolio to 11 buildings. The total market value of the fund’s property portfolio after the acquisition of Park One exceeds CZK 12 billion. (over €450 million). The fund now owns six properties in Prague, three in Bratislava, and one each in Brno and České Budějovice.
