Czech developer Geosan Development has purchased the Nagano Office Park in Prague from privately owned Czech developer and investor Red Group.
Financial details were not disclosed.
Nagano Park is a multi-phased modern business park situated in a commercial area of the Prague 3 district, consisting of four offices and a telecommunication building, comprising nearly 24,000 m2 with tenants from the IT, data analysis and telecommunication sector.
Savills acted on behalf of the vendor.
'At a time when many investors feel that pricing has peaked and that the arbitrage of Prague commercial real estate against other European capital cities has almost disappeared, the depth of interest in Nagano was testament to the value-add that investors are now seeking and also to the proven cash flow that assets such as Nagano, when properly managed, can deliver,' said Stuart Jordan, head of investment, at Savills Czech and Slovak Republics.
Savills investment department in the Czech and Slovak Republics was established in autumn 2017 with Jordan at the helm.