The Czech real estate fund Trigea bought the Explora Business Centre office building in Prague’s Nové Butovice from Golden Star Group, an international real estate group, in one of the largest real estate transactions performed this year.
Trigea, a Czech real estate fund established in 2019, is currently the fastest-growing Czech fund. It focuses on the purchase of first-class commercial properties in top locations, especially on office and retail projects in Prague as well as elsewhere. Explora Business Centre is its biggest acquisition so far.
The Trigea real estate fund belongs to the Partners financial group, whose part is Partners Financial Services – the biggest financial advisory firm on the Czech market.
Tomáš Trčka, CEO at Trigea, commented: “Through the Explora Business Centre acquisition we execute our strategy to build a diversified portfolio of quality properties in the best locations while achieving above-standard yields for our investors.”
Explora Business Centre is a modern A-class office project, offering its tenants the highest standard of services and spaces, large and flexible office floors and a pleasant environment including a shared atrium. The building is located in a developed office area, right at the Nové Butovice underground station, with plenty of amenities in the immediate vicinity. The project was awarded the LEED Gold sustainability certificate.
Gal Peleg, CEO at Golden Star Group, said: “We are pleased with the sale of Explora Business Centre to Trigea which fits with our group’s strategy to capitalize on values we have created in this A-class property. The transaction proves that the strong interest in quality office projects in Prague remains.”
Cushman & Wakefield, White & Case, ASB and OM Consulting advised the buyer Trigea with the transaction. Cushman & Wakefield real estate services firm will also be responsible for the property management and leasing after the acquisition.
Michal Soták, Partner and Head of the Capital Markets team in the Czech Republic at Cushman & Wakefield, commented: “The Explora Business Centre is a strategic asset, located in the very popular office area of Prague 5, right at the underground station, its tenants include top global corporations. This transaction corresponding with long-term trends proves the importance of the Czech capital for the local market. Czech funds experience a continuous inflow of finance from all types of savers and naturally aim at investing it primarily in the local market which is very stable. Demand for the purchase of commercial properties is now very strong in the Czech Republic, however, there is a shortage of office projects suitable for sale on the market.”
Real estate advisors Colliers International and law firm Schoultz & Partners represented Golden Star Group in this transaction.
Andy Thompson, Director of Capital Markets Czech Republic, Colliers International, said: “We are delighted to have worked on the successful sale of this best-in-class asset on behalf of Golden Star Group. The sale further demonstrates the depth and strength of local capital in the market for institutional quality assets.”