Peakside Capital has completed the acquisition of Argo Alpha, an office property comprising 12,600 sqm of GLA, located in Prague, the Czech Republic.
Built in 2008, the Class A office building is home to a number of strong tenants representing, amongst others, companies active in the pharmaceutical, transportation and electronics sectors.
Peakside acquired Argo Alpha on behalf of a separate account client from MOF Immo and Credo Real Estate, Austrian development and investment companies. This acquisition is the third investment by Peakside in the Czech Republic, following the purchase of a portfolio of 72 retail assets in January 2015 and the acquisition of the Cube, an office property located in Prague, in June 2016.
Peakside was advised by law firm BNT, financial & tax company ASB and technical advisors Sentient. The vendor received legal advice from Dentons and CBRE provided real estate advice.
Michał Nawrot, Associate in Peakside’s Warsaw office, commented: “Argo is our third Czech investment completed within the last two years, which clearly demonstrates our confidence in this market. The transaction was closed in less than three months from signing the letter of intent, which again demonstrates that Peakside acts decisively on transactions if the target project meets our investment criteria, providing certainty of execution to sellers.”