PRAGUE 1 August 2019 – CBRE Global Investors, on behalf of one of its global separate account clients, has exchanged contracts to acquire Praga Studios, a high-quality grade A office building in Prague, Czech Republic for €55m. The newly developed asset was completed by Skanska in the second quarter of 2019.
The prime office building is multi-let and anchored by Edwards Lifesciences, the world’s leading medical equipment company. The other four tenants include a co-working operator and IT companies. The new building meets the highest technical standards and is expected to receive LEED Platinum (Leadership in Energy & Environmental Design) and WELL Core & Shell certificates.
The 12,085 sq m asset spans seven floors and is located in Prague 8, one of the fastest growing office submarkets in the city. Prague 8 is considered an extension of the Prague CBD and attracts tech and creative occupiers to its mix-use environment, offering excellent connectivity by public transport and is easily accessible from the city centre. The building also provides 115 parking spaces for the occupiers.
Myles Sanger, Portfolio Director, CBRE Global Investors, said: “We are building a well-diversified office portfolio for our client in EMEA and Praga Studios is a high-quality addition to their existing assets””
Adrian Karczewicz, Head of Divestments at Skanska commercial development business unit in the CEE said: “Prague is one of the most desirable locations in Central and Eastern Europe. While the office stock is constantly growing, the demand for prime office assets remains very high among tenants and investors, both domestic and international. I am glad that Skanska could offer CBRE Global Investors a fully leased A-class building in one of the best locations in the Czech capital city.”
Praga Studios is Skanska’s 11th development in Prague. It defines a new high-quality standard for futureproof offices combined with industrial tradition of the Karlin district. Original façade, green roofs and an open-to-public specious atrium, where artistic and cultural events can take place are among its many interesting features making this place special. The building will also be equipped with an innovative integrated operating system – Connected by Skanska – which facilitates daily building and office management.
The deal is expected to close in Q4 2019.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $107.2 billion in assets under management* as of March 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
Skanska is one of the leading development and construction companies in Europe. Outside the Nordics the company has European operations in building construction and civil engineering in Poland, Czech Republic & Slovakia and UK. Skanska develops commercial properties in selected home markets in Poland, Czech Republic, Romania and Hungary, while the residential development is active in Prague and Warsaw. Skanska also offers services in public private partnerships. In 2018, Skanska had sales of SEK 40 billion and about 14,200 employees in its European operations.
More information can be found at www.skanska.com/property