Austrian listed property company Immoeast said it has sold its Andel Park B office property in Prague to German property fund company SEB Immobilien-Investment for about EUR 71.5 mln. Immoeast had purchased Andel Park B in 2005. The property has total lettable space of about 23,000 m[sup]2[/sup] and is currently fully let. Main tenants are Johnson & Johnson, Hochtief, Whirlpool, Ferrero, Carl Zeiss, UniCredit Leasing and Imperial Tobacco.
Austrian listed property company Immoeast said it has sold its Andel Park B office property in Prague to German property fund company SEB Immobilien-Investment for about EUR 71.5 mln. Immoeast had purchased Andel Park B in 2005. The property has total lettable space of about 23,000 m2 and is currently fully let. Main tenants are Johnson & Johnson, Hochtief, Whirlpool, Ferrero, Carl Zeiss, UniCredit Leasing and Imperial Tobacco.
Immoeast said the sale is its second largest property ever sold, after the Europe Tower in Budapest, and added several other disposals would be carried out in coming months. In a statement, Immoeast chairman Karl Petrikovics said the level of occupancy in its Central European portfolio had increased, raising its market value at the same time. Petrikovics pointed to interest in Immoeast properties from security-oriented investors like open-end funds and pension funds.
Jones Lang LaSalle Capital Markets were retained real estate advisors to Immoeast.