BPD Development picks up The Cube in Prague

Prague-based development company BPD Development has purchased the Cube from real estate private equity manager Peakside Capital.

Financial details were not disclosed.

Built in 1977, the 21,500 m2 office building was acquired by Peakside in 2016, as part of a CEE separate account vehicle, and was the first office investment by Peakside in the Czech Republic.

The asset is almost fully occupied by a variety of tenants, representing mainly companies in the health and technology sectors.

'This disposal is a great example of a successful value add investment, realised within a two year window,' said Michal Nawrot, principal at Peakside’s Warsaw office.

'The Czech market continues to see improving levels of liquidity whilst it is also gaining in maturity. We look forward to continuing our investment activity in the Czech Republic.'

Peakside was supported by commercial advisors from Savills, law firm bnt attorneys in CEE, financial & tax company ASB Group, and technical advisors CBRE.

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