pbb Deutsche Pfandbriefbank has agreed a €33 million medium-term acquisition and capex facility for a fund managed by Tristan Capital Partners. The facility will be used to acquire and upgrade an office block known as Praha City Center in Prague, Czech Republic. The transaction closed in March 2014.
The fund, Curzon Capital Partners III, has agreed to purchase Praha City Centre from a German fund. The office building is located in downtown Prague, between the streets Klimentská and Petrská in the district of Prague 1, well accessible both by car and public transport. It comprises approx. 18,000 sqm of gross lettable office and ground floor retail area and 295 parking spaces, and is leased to a mix of Czech and International tenants.
Charles Balch, Head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: “Together with Poland, the Czech Republic, and Prague in particular, remains an important investment market within the CEE region. pbb Deutsche Pfandbriefbank is pleased to support Tristan Capital Partners in this acquisition, as Tristan and pbb continue to work together successfully in a number of European markets.”