<html>Prodej komplexu The Park je největší kancelářskou transakcí v ČR</html>

Publisher
ČTK
22.07.2013 20:20

Prague - The sale of the administrative complex The Park in Prague's Chodov, located near highway D1, where several multinational companies are based, is the largest office transaction in the Czech market. It is rivaled in size by the purchase of the Andel City complex, which was bought in 2008 by the German open-ended fund Degi International. The same fund has now sold the complex in Chodov.
    The German fund acquired The Park in 2008, when Signa Holding paid 400 million euros (ten billion crowns) for it. While neither party to the transaction has disclosed the current price, speculation suggests it is somewhat lower than five years ago.
    This year marks the second major office building transaction in the Czech Republic. Already in the first quarter, the German fund SEB ImmoInvest sold the office building Anděl Park B to a fund managed by GLL Real Estate Partners. This building was purchased five years ago from Austrian ImmoEast for 1.8 billion crowns. German investment funds are required to sell their real estate portfolios due to a decision made by the German government, which is dissolving these funds in the coming years.
    A notable transaction from last year was the sale of the tallest building in the Czech Republic at the time, Prague's City Tower. The company Marpona sold it to Consideratio from the Proxy Finance holding. Neither party disclosed the price, but in 2009 Marpona paid the developer ECM 130 million euros for the administrative building.
    The German real estate fund Deka Immobilien paid just twenty million euros less in 2009 for the Gemini office complex in Prague 4. The CPI Group, owned by billionaire Radovan Vítek, also made a significant mark on the list of office building transactions in 2011. They acquired a total of 19 office buildings from PPF, including a historic building on Spálená Street in Prague, modern structures in Pankrác, or the Tokovo building in Prague 7, where the Supreme Audit Office is the main tenant. For a total of 122,000 square meters of office space, Vítek's company paid nearly 5.4 billion crowns.

Largest office building transactions

Project	year	area	buyer	seller
The Park	2008	66,000	DEGI	Signa Holding
Andel City	2008	60,000	DEGI	Realtia
City Tower	2012	45,935	Consideratio (Proxy Finance)	Marpona
Gemini	2009	39,000	DEKA	Sparkassen Immobilien AG
4D Kodanska	2012	30,000	Daramis Group	Orco Property Group

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