Portland Trust and its long term joint venture partner Ares Management have purchased Office Park Nové Butovice in Prague 13 for €65 million. The seller was CEE Property Development Portfolio (CPDP 2). Office Park Nové Butovice offers 36,000 sqm of leasable space.
In line with its strategy, Portland Trust plans to renovate the complex so that it can charge €13/sqm/month in rent. The new owner is also planning to rename the complex Coral Office Park and upgrade the property’s public spaces, including adding a garden and expanding the restaurant.