With the purchase of Visionary office building in Prague, CA Immo and Skanska have successfully signed and closed the second transaction between the two companies in the CEE region in 2018. The gross transaction volume is about €68 million.
Visionary is an A Class office building, completed in April 2018, which has 23,000 sqm of gross leasable area. Located in Prague 7, one of the most dynamically developing districts in Prague, the building is currently around 91% occupied with tenants such as Accenture, Business Link and WMC/ACTUM Digital on an average lease term of more than seven years. During the sales process, CA Immo was advised by Clifford Chance (legal), E&Y (tax, financial) and Obermeyer Helika (technical). Legal advisers for Skanska was Dentons. The transaction was closed when the contract was signed.
According to Václav Jonáš, managing director of CA Immo in Czech Republic, commented: “Visionary office building exactly fits our expansion strategy plans in Prague and is a great addition our high quality Prague portfolio. We are fully convinced of the potential of the location and highly appreciate the forward thinking, the vision, that Skanska Property applied during the development of this outstanding product. Equally important for us was the impressive leasing success of Visionary, reaching more than 90 percent leased status at completion, which is for us a clear proof that the building is attractive to various types of tenants.”
Alexandra Tomášková, Managing Director of Skanska’s commercial development business in the Czech Republic said: “With the Visionary project, we kick-started the development of this part of Prague 7, which – although it offers great potential – has been somewhat overlooked from the aspect of the construction of modern office buildings. We secured attractive tenants for Visionary, and the building was virtually fully occupied several months before its completion in April 2018. We were also pleased by the interest of several leading real estate investment firms. By the acquisition of Visionary, CA Immo as a powerful corporate investor has confirmed that Holešovice is booming, and it has all the prerequisites to become a sought-after business hub,”
Visionary is located along the left bank of the Vltava river in Prague 7. As is the case with Karlín (Prague 8), the Holešovice district is quickly becoming a hub of development for new offices and apartments. Visionary is the first completed top modern office project in the immediate vicinity of the Nádraží Holešovice subway and train station.
The building is expected to receive LEED Platinum and WELL Core & Shell certifications (first in the Czech Republic), which monitors factors that affect people’s health and wellbeing (e.g. quality of air, water and access to a source of light) and focuses on personal comfort, access to healthy food and the effect of buildings on physical and mental health.
The common areas and retail spaces of the building offer a range of services not only to its tenants but also to the local community. The building comes with a garden, and people will have access to amenities such as a multifunctional sports area. In addition, many other services are directly located in the building, such as a doctor‘s clinic, pharmacy, kindergarten, a restaurant and a self-service laundry; a running track is also provided on the rooftop. Moreover, shared e-car and bike facilities are available for tenants. A mobile app connects all the services in the building and its surrounding area.