CBRE Global Investors, on behalf of one of its global separate account clients, has exchanged contracts to acquire Praga Studios, a high-quality grade A office building in Prague, Czech Republic for €55 million. The newly developed asset was completed by Skanska in the second quarter of 2019.
The prime office building is multi-let and anchored by Edwards Lifesciences, the world’s leading medical equipment company. The other four tenants include a co-working operator and IT companies. The new building meets the highest technical standards and is expected to receive LEED Platinum (Leadership in Energy & Environmental Design) and WELL Core & Shell certificates.
The 12,085 sqm asset spans seven floors and is located in Prague 8, one of the fastest growing office submarkets in the city. Prague 8 is considered an extension of the Prague CBD and attracts tech and creative occupiers to its mix-use environment, offering excellent connectivity by public transport and is easily accessible from the city centre. The building also provides 115 parking spaces for the occupiers.
Myles Sanger, Portfolio Director, CBRE Global Investors, said: “We are building a well-diversified office portfolio for our client in EMEA and Praga Studios is a high quality addition to their existing assets”
Adrian Karczewicz, Head of Divestments at Skanska commercial development business unit in the CEE said: “Prague is one of the most desirable locations in Central and Eastern Europe. While the office stock is constantly growing, the demand for prime office assets remains very high among tenants and investors, both domestic and international. I am glad that Skanska could offer CBRE Global Investors a fully leased A-class building in one of the best locations in the Czech capital city.”
Praga Studios is Skanska’s 11th development in Prague. It defines a new high-quality standard for futureproof offices combined with industrial tradition of the Karlin district. Original façade, green roofs and an open-to-public specious atrium, where artistic and cultural events can take place are among its many interesting features making this place special. The building will also be equipped with an innovative integrated operating system – Connected by Skanska – which facilitates daily building and office management.
The deal is expected to close in Q4 2019.