CBRE advises on the sale of Avenir Business Park
- Avenir consists of ca. 25,300 sq m of lettable area in 6 above ground floors and 519 parking spaces in 2 underground floors and outside.
- The sale of Avenir Business Park represents a successful off-market disposal.
CBRE has successfully advised on the off-market disposal of Avenir Business Park. The purchaser was a fund managed by Tristan Capital Partners along with their co-investing local partner, Mint Investments. The seller was advised by CBRE and Kinstellar. Tristan Capital Partners and Mint Investments were advised by PricewaterhouseCoopers and Allen&Overy.
Avenir Business Park is a high quality grade A office development situated in the popular office district of Prague 5 – Nove Butovice. The property was constructed in two phases, completing in 2004 and 2005 and is leased to 8 tenants, such as ČSOB, Porsche Česká Republika and SONY.
Congratulations to Tristan and Mint on finalising this acquisition. Avenir is a high quality multi-let office park located in one of the most important decentralised office districts in the city. This sale represents a positive exit for our client, whilst also offering good upside potential for the purchaser.
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.