CB RICHARD ELLIS ADVISES HYPO REAL INVEST AG ON ACQUISITION OF ANDEL CITY SO 16+17
Prague, 10th May 2010 - CB Richard Ellis has advised Hypo Real Invest AG on the acquisition of 90% ownership interest in Andel City s.r.o. the sole owner of Anděl City SO 16+17 from AC Offices Klicperova s.r.o. solely owned by companies from UBM Group for approximately EUR 17.5 mln. Anděl City SO 16+17 is Hypo Real Invest AG’s second acquisition in the Czech Republic this year. The fund already acquired the Vyšehrad Victoria office building in Prague 4 in March 2010 also advised by CB Richard Ellis. AC Offices Klicperova s.r.o. will remain the owner of the 10% interest in the Property and UBM will through AC Offices Klicperova s.r.o. continue its involvement with the Property.
HYPO Real Invest AG commented: “Anděl City SO 16+17 represents an attractive investment with a strong leasing profile in the well established commercial district of Smíchov-Anděl with historically strong occupation demand, low vacancy and limited future supply. The property is well suited for our fund and complements the existing buildings in our portfolio.”
The Property represents a Grade A office building constructed over seven upper levels and two underground levels extending to ca 6,750 sqm of lettable area. The property is 100% let to prominent international and local companies such as Cetelem ČR, Bank of Tokyo, Hanjin Shipping, Silicon & Software System Česká Republika and RIM International.
CB Richard Ellis Capital Markets advised Hypo Real Invest AG on the commercial aspects of the transaction, e|n|w|c Attorneys at law advised the purchaser on the legal matters and TPA Horwath was the tax advisor.
Katarína Turňová, Senior Agent at CB Richard Ellis Capital Markets, Czech Republic, said: “We were pleased to work with Hypo Real Invest AG on both of their acquisitions in this market and we believe that Anděl City SO 16+17 will prove to be a very astute investment not only in the short-term, but also from the long-term perspective. We are of the opinion that the Smíchov-Anděl district remains one of the key strategic office hubs of Prague, with very strong current and historic performance. We believe that the acquired property is representative of the hub’s strengths”.