Peakside Capital has completed the acquisition of an office complex in Prague, Cube, purchased from PGIM Real Estate. The property covers about 21,000 sqm of leasable area and is currently 94 percent leased.
This is the second investment in the Czech Republic; the first concerned the acquisition of the portfolio of 72 retail properties acquired from Atrium in January 2015.
Otis Spencer, CEO Peakside Polonia Management, said: “The Cube is another investment for Peakside in the Czech Republic, which clearly demonstrates our goal, which is to use the current unrest in the market through the acquisition of high quality assets based on conservative valuation of ensuring seller confidence quickly closing. We believe that the Cube is an attractive combination of both steady flow of money, as well as the possibility of a further increase in value by identified by us.”
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...