1 July, 2019
DTZ INVESTORS BUYS €130 MILLION PRAGUE OFFICE FOR SOUTH KOREAN INVESTOR
DTZ Investors (European Asset Manager) and Mint Investments Group (Czech Asset Manager) have acquired the freehold interest in Main Point Pankrác, Prague for €130 million, representing a Net Initial Yield of 4.50% on behalf of a South Korean Investor.
The Main Pont Pankrác office building is located in Prague's Pankrác district. The property comprises 23,500 sq m of mixed use accommodation over 10 storeys and 406 parking spaces on three underground floors. Key tenants include McKinsey, Unipetrol and a subsidiary of BNP Paribas.
The property was developed in 2018 by leading developers, PSJ INVEST and designed by local architects, DAM architekti. The low-energy building has recently achieved a LEED Platinum certification through its incorporation of several high-profile sustainability features. One feature includes a specially designed facade using recently patented Japanese technologies, which removes smog and other pollutants from the surrounding air.
Tony Gibby, Director DTZ Investors, said: “We are delighted to have purchased such a high-quality property in Prague. The core income profile, quality of occupiers and specification of the building make it a rare asset in Central and Eastern Europe”.
David Peacock, DTZ Investors, said: “This asset is at the leading edge of environmental standards, making it a stand out property. Clearly its location, connectivity and the quality of the build has resulted in a number of exceptionally high-profile tenants relocating to the building”.
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