WorkLounge, an operator of coworking spaces and serviced offices, has completed the acquisition of the City Point office building in Pankrác, Prague 4. It is taking over the building from the investment company Amundi Czech Republic, which previously owned the building. Mint Investments Group was the investment advisor to Amundi. Representatives of Savills, Cushman & Wakefield and Havel & Partners also participated in the transaction. The value of the transaction exceeded CZK 450 million.
Lubomír Šilhavý, CEO of WorkLounge, expressed his enthusiasm for the acquisition by saying: “This acquisition represents the latest addition to our private real estate portfolio and will soon become the new home of our sixth branch of WorkLounge, a family-owned chain of serviced office and co-working spaces based in Prague. Our goal is to create a cutting-edge, modern and sustainable office environment for our clients within WorkLounge and beyond.”
WorkLounge has five serviced centres so far, four in Prague, namely in Forum Karlín, on Wenceslas Square, in Prague’s Smíchov and since May also in Na Příkopě Street, and a fifth centre in Cape Coral, USA. In addition to City Point, WorkLounge plans to open another Czech branch in Dejvice in early 2024. This acquisition will not only allow WorkLounge to strengthen its position in the shared serviced office market in Prague but will also provide more options and services to new and existing members. For current tenants, WorkLounge guarantees a seamless transition and continued functionality of all services. The space is currently occupied by prestigious tenants including telecommunications company O2, fitness centre operator Form Factory and insurance company AXA Assistance.
According to Savills data, in Prague, a total of seven office buildings were sold in the first three quarters of this year. Their total value exceeded CZK 6.4 billion. Stuart Jordan, CEO of Savills Central and Eastern Europe, which represented WorkLounge in this acquisition, adds: “The addition of City Point to the portfolio secures further coworking options for WorkLonge clients in the important business submarket of Pankrác. The depth of corporate and private occupiers in the immediate surroundings are testament to the continuing popularity of the submarket, whilst the addition of WorkLounge to the existing amenity base in City Point will be an attractive option for existing and new clientele.”
WorkLounge has already laid out plans for the coming weeks to months to adapt the new shared space to its unique design and integrate members into its thriving community. These changes are designed to strengthen connections and benefits for existing and new members, including the addition of smaller offices, relaxation zones, comprehensive services, a friendly and inspiring atmosphere, and all the other benefits of serviced offices.
The newly acquired City Point location offers a wide range of benefits, including an impressive 8,750 sqm of space, with 500 sqm dedicated to coworking. The office space is classified as Category A – the highest efficiency category. They also offer 120 parking spaces and modern amenities such as a fitness centre and retail space with excellent transport links and a wide range of shops and services nearby.