Immofinanz pounces on Prague's Palmovka Open Park

Vienna and Warsaw-listed property group Immofinanz has acquired Palmovka Open Park in Prague for around €76.4 mln from Metroslav Development.

The asset, which was completed in 2018 by Metroslav and comprises three office buildings with 25,800 m2 of rental space, provides around €4.4 mln a year in income, Immofinanz said.

'Following the acquisition of the Warsaw Spire Tower in Poland, this transaction will create further high-quality growth impulses for our office portfolio,' said CEO Oliver Schumy.

'The Palmovka Open Park is a first-class office property which will generate stable cash flow and strengthen our presence in the very attractive Prague office market,' Schumy added.

Certified BREEAM 'Excellent', the park's tenant mix includes national and international companies, Immofinanz said, with an average remaining lease term of 5.7 years. The transaction will be financed with equity and debt.

'With the planned integration of the building in our myhive portfolio, we will also increase the recognition of our international myhive office brand in the Czech capital city,' noted Schumy.

The transaction closed on July 8.

The seller was represented by Knight Frank.

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