Savills appointed as property manager for iconic DRN building in Prague

KGAL GmbH & Co. KG, a leading independent  European investment and asset manager based in Germany, has appointed international real estate advisory firm Savills as property manager for Prague’s iconic DRN building. Savills also continues to provide asset management services for the building, which it has been providing since July 2020.

DRN, the high-quality office complex on Národní St., combines 9,800 sqm of office space with over 1,750 sqm of retail space and modern food and beverage outlets. It offers stunning communal areas that have become a popular spot in the city, a roof terrace with a 360-degree view of Prague and a two-level underground car park. It is almost fully let, with high-profile occupiers and the first Czech WeWork operation being the largest tenant.

KGAL acquired the DRN building in August 2019 as its first property acquisition in the Czech Republic, with Savills advising the seller. KGAL has successfully been investing in commercial real estate since 1968. A team of more than 70 specialists currently manages an investment volume of over seven billion euros across Europe with a focus on core/core+ and prime locations.

Michaela Semanová, head of property management at Savills CZ&SK, says: “We are very pleased to be appointed to provide property management services at DRN and further extend our cooperation with KGAL. We know the building inside out and that it attracts strong occupier interest, among other things, thanks to its design, first-class workspace with superb architecture and prime location. Our priority will be to deliver high-quality property management and tenant services.”

Savills property management department in Prague was established in April 2017 and has since grown to more than 35 people. Currently, the team manages a portfolio of 478,000 sqm, including office buildings, industrial parks, mixed-use and retail projects.