CZECH REPUBLIC Investika has acquired the Avenir E office building in the Nové Butovice area in Prague 5
The seller was Redside, which was represented by JLL in the deal. The asset is a stand-alone 6,700 sqm office building with five storeys completed in 2008 within the Avenir Business Park complex.
“We purchased the asset in early 2016 in a portfolio transaction with it being the only building in a non-core location. Since the acquisition, we have actively worked on improving it. The transaction proves our ability to not just buy, but also safely manage, add value and successfully complete our investments. Now has come the time to capitalise on our efforts, dispose of the building and reinvest into assets with potentially better returns,” says Tomas Berka, Fund Manager in Redside, fund management company.
“This transaction is an excellent example of the increasing activity of domestic capital in the Czech market. In the case of Avenir E both parties, the seller and the buyer, were local domestic investors,” says Jiri Horak a senior investment analyst in JLL Capital Markets.
Legal advice was provided by BPV Braun Partners while tax and financial advice was provided by ASB Group with Sentient providing the technical expertise
