Prague-headquartered investment bank Wood & Company has acquired an office property in the Czech capital from property developer Karimpol International.
Financial details were not disclosed.
Dubbed the Greenline and located in the Prague 4 business district, the asset comprises 15,500 m2 of leasable space and is fully occupied.
'The Greenline office building, which was completed in 2015, is leased by leading companies such as SCS Software, Huawei Technologies, Nordic Telecom 5G and Kia Motors Czech,' said Jirí Linhart, project and marketing director of Karimpol International. 'The building is fully occupied, in excellent technical condition and perfectly complements the growing real estate portfolio of the Wood & Company investment group.'
Following the deal, the market value of Wood & Company's assets exceeds €500 mln, according to the investment bank. Representing the fund's eighth investment, other acquisitions have included four office buildings in Bratislava (Aupark Tower, Westend Tower, Lakeside Park and BBC 5), plus the Hadovka Office Park and two shopping centres (Harfa Gallery and Krakov Center) in Prague.
'We are pleased that we have managed to acquire another high-quality asset for the fund, in an excellent location,” said Vladimír Jaroš, CEO of Wood & Company. 'New and existing tenants will now be taken care of by our experienced team, which will strive to develop the building further and improve the quality of services provided.
'One of our long-term strategic goals is to ensure sufficient geographic diversification in our real estate portfolio, and we hope to announce other, very interesting, transactions next year,' Jaroš added.
'This transaction confirms that Czech investors are able to acquire increasingly-large institutional investment market assets for their real estate portfolios,' commented Andy Thompson, Colliers International’s investment director for the Czech and Slovak Republics, who arranged the deal. 'This is the third transaction of this type that we have mediated for Czech investors this year.'
Transaction advice was provided by Dentons; commercial and technical consultancy was provided by Savills; and KPMG advised on financial and tax consultancy. On the seller's side, CMS Cameron McKenna advised, along with Nabarro Olswang (legal) and Grant Thornton Tax & Accounting (financial).