International Property News
Czech Property - German fund Deka buys offices in Prague for CZK 2.8bn
12th November 2009
German property fund Deka Immobilien bought the office complex Gemini in the Prague district of Pankrac from Austria's Sparkassen Immobilien for EUR110m (around Kc2.8bn) making it the biggest deal on the Czech property market this year, King Sturge told CTK yesterday.
King Sturge, one of the largest international property consultancies, represented the German fund in the transaction.
The transaction has almost doubled the volume of property investments in 2009 to EUR263m, said Angus Wade, director of King Sturge's Czech office.
The German fund is also involved in the 2nd largest property transaction in the Czech Republic this year. In February, it bought the office building Jungmannova Plaza in Prague's centre for EUR40m (around Kc1.1bn).
The first part of Gemini was completed in 2007, the second one last year. Immorent CR was a project developer and Sparkassen Immobilien an investor and owner.
Gemini's office space is leased to, for instance, Unipetrol, Volksbank, Novartis, Rossmann, Hill's Pet Nutrition, ProLogis and Newton Media.
Important investment property transactions on Czech market in 2009
period property type of property seller buyer price in EUR mil.
Q4 Gemini (A+B), Praha offices Sparkassen Immobilien Deka 110
Q4 East Building, Praha offices Sekyra Group private Czech investor 20 (estimate)
Q3 Budejovicka Alej, Praha offices ING Reim DBK 31
Q3 Thamova 18, Praha offices Invesco private Slovak investor 12
Q3 Luka shopping mall Epic Asset Management private Czech investor 8.5
Q3 Trutnov industrial park Rotoprint Crescon 4
Q2 Parizska 23, Praha offices Ikano Vaclav Skala 8 (estimate)
Q2-Q3 CSOB (property in regions) offices CSOB private Czech investor 4.7
Q1 Jungmannova Plaza, Praha offices Immoeast Deka 40.6
Q1 Telefonica O2, Praha different use Telefonica O2 PSN 7.7
Q1 Atom Ostrava hotel Ostrava city CPI 6
Q1 CSOB (property in regions) offices CSOB private Czech investor 4
Source: Prague Monitor
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