Immofinanz divests office building in Prague

Immofinanz has sold the BBC Gamma office building in Prague to the Passerinvest Group, a major real estate investor and developer in the Czech Republic. 

Financial details were not disclosed.

The building has roughly 31,000 m2 and is rented in full to a single tenant through a long-term lease. According to Immofinanz, the transaction was concluded at a premium to the book value as of 30 June.

Radka Doehring, member of the Immofinanz executive board, said: 'As part of our portfolio strategy, we are concentrating on retail properties and myhive office solutions.

'This also includes the sale of properties with a combined value of roughly €1 bn and the investment of the proceeds in properties to strengthen our brands or for the repayment of debt.
'The sale of BBC Gamma is an important step in line with our strategy, and we are very pleased with the results.'

The office building is located in the urban centre of Prague’s fourth district and has rentable space on 10 upper floors as well as underground levels with 500 parking spaces.

Its architectural design offers features such as panoramic lifts, meeting rooms which extend into the atrium over two floors and a roof garden with rest areas.


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