SEBRE has completed the sale of the high-quality office complex “DRN”, on Narodni Street in Prague, to a fund managed by KGAL Investment Management Group GmbH, for an undisclosed sum. SEBRE was advised by Savills and Dentons.
This represents the second major disposal by SEBRE in 2019, following the sale of Palác Špork earlier this year, underlying the company’s leading reputation for delivering high quality assets which are well-designed, whilst remaining historically and culturally sensitive.
DRN and Palác Špork are the two most valuable office investment transactions ever recorded in the Czech Republic and wider CEE region. SEBRE will act as the property manager for the premises on behalf of KGAL, a leading Germany-based investment and asset management company with assets under management worth €21 billion.
Designed by Stanislav Fiala, DRN is one of the best examples of modern, sustainable architecture in Prague, incorporating parts of the original Schönkirchovský Palace from 1734 and the New Palace. The building combines outstanding quality office space with modern retail and leisure offerings. At approximately 12,500 sqm, the premises will host the first Czech operation of WeWork.
Jan Kubíček, SEBRE’s CEO, commented: “Although we are satisfied with the sale price achieved, this disposal leaves us with mixed feelings – after working on DRN for six years, our SEBRE team had grown attached to both of these beautiful buildings, , and the contrasts we achieved of contemporary counterposed with the living history that is Prague. Nonetheless, we congratulate KGAL on their acquisition and will now move on to our next projects in Prague and Belgrade, hoping to apply what we have learned on DRN.”