AEW successfully sold International Business Center
- IBC consists of ca. 23,800 sq m of lettable area and 299 underground parking spaces in 9 above ground floors and 2 underground floors.
- The sale of IBC represents a successful exit for funds managed by AEW Europe who have owned the property since it was built in 1993.
- The office sector should dominate the investment market this year.
CBRE has advised AEW Europe, a multi-national real estate asset manager, with over €60 bn of assets under management, in the disposal of International Business Center (IBC). The buyer was Mint Investments, the Central European real estate Investment & Asset manager, on behalf of a syndicate of private investors. AEW were advised by CBRE, Havel, Holásek & Partners and Mazars. Mint Investments were advised by Mareš Partners and EY.
Built in 1993, International Business Center consists of ca. 23,800 sq m of lettable area and 299 parking spaces. IBC lies next to Hilton Hotel, in the heart of Karlin’s growing CBD. The Property comprises an iconic building with nine above ground floors and two underground floors. IBC is certificated with BREEAM In Use Very Good.
It has been a pleasure working with both AEW and Mint and I would like to congratulate both teams on closing such an important transaction. We had strong interest in this property from a broad range of investors, indicative of the continuing level of demand for high quality office buildings in core locations that can deliver robust income returns.
In H1 2017, the total investment volume reached almost EUR 2.1 bln. It was the strongest H1 in terms of volume in the history and on a rolling 12 month basis, volumes to the end of Q2 surpassed a new record of EUR 4.9 bln.
In H1 2017, the retail sector dominated the market with a 46% share, followed by offices with a 26% share of investment volumes.
We forecast that total investment volumes in 2017 will once more breach the EUR 3 bln level.
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.