KGAL Investment Management Group GmbH, based in Germany, has appointed international real estate advisor Savills as asset manager for DRN, the high-quality office complex on Národní St., Prague 1.
Strategically located in the city centre, the 12,500 sqm building of leasable area combines 9,800 sq m of office space with over 1,750 sqm of retail space and modern food and beverage outlets. The asset raises the bar regarding modern technical specifications for offices and expects to receive a BREEAM ‘Very Good’ rating shortly. It offers stunning communal areas, a roof terrace with a 360-degree view of Prague and two-level underground car park with 227 parking spaces. It is almost fully let, with the first Czech WeWork operation being the largest tenant.
KGAL, a leading Munich-based investment and asset management company with assets under management of more than €20 billion, acquired DRN in August 2019, its first property acquisition in the Czech Republic, with Savills advising the seller.
André Zücker, Managing Director for Real Estate at KGAL Investment Management GmbH & Co. KG, comments: “The DRN complex is a unique gem of commercial real estate. It combines the first-class workspace with superb architecture that blends the traditional with the modern.”
As part of providing services in the field of asset management, Savills will also be responsible for budgeting, investment planning, reporting, property accounting, marketing, tenant engagement and sustainability.
Michaela Semanová, director of property management at Savills CZ&SK, says: “There are a handful of modern iconic commercial buildings in Prague in terms of design and use, and DRN is definitely on that list. It is fantastic to have been appointed to provide active asset management services at DRN and to support our client, KGAL, to develop the strategy for the asset, create a framework for decision making and unlock its value and further potential.“