Helaba is providing a loan of more than €100 million to finance the acquisition of the Churchill Square office project in Prague. The buyers are the Czech real estate company Českomoravská Nemovitostní (ČMN) and the CFH Group.
CFH Group is an investment group active in Europe and the US with a focus on core investments in major cities in Germany, UK, US, the Netherlands and Poland. CFH Group concluded a total investment volume of around €450 million during 2020.
The real estate company ČMN ranks among the top office space owners in Prague. In 2019, it closed the most valuable deal of all Czech investors that year, adding Crystal and BLOX office buildings to its portfolio. The success story has continued in 2020, with the acquisition of City West C1 and C2, as well as most recently the Churchill Square office buildings.
Churchill Square consists of two adjoining office buildings, which were completed in 2019 and 2020 respectively. Comprising a total lettable area of 32,970 sqm, Churchill Square is located directly adjacent to Prague’s main station to the north-east of the renowned Wenceslas Square in the centre of Prague. Thanks to its proximity to the railway station, the property boasts outstanding transport connections. Churchill Square also benefits from an exclusive view of the Prague Castle. Deloitte, one of the world’s leading accounting and professional services networks, is among Churchill Square’s anchor tenants.
Helaba has been active in Central & Eastern Europe for many years, with Poland and the Czech Republic being two of the bank’s most important target markets outside Germany.
Martin Erbe, Head of Real Estate Finance Central at Helaba, commented: “We are proud to be a reliable financing partner for ČMN and CFH, even in these challenging times. That is why we are particularly delighted to have been entrusted with the financing of this superbly-located, prime office complex that has been let to first-class tenants.”
Radek Stacha, Chairman of the Board, ČMN, commented: “We are pleased to work with Helaba, which is a strong financial partner. Our mutually shared values are a conservative approach and focus on premium, high-quality projects.”
