Prague,
18
October
2017
|
12:00
Europe/Amsterdam

Škodův palác has a new owner

CBRE, the world leader in commercial real estate services, has advised GLL Real Estate Partners GmbH (GLL), the Munich based real estate funds management group, on the acquisition of 100% of the shares in Škodův palác s.r.o, the owner of Škodův palác in Prague 1 in cooperation with Wilsons, Sentient & PWC and DPK Management by Dentons. New owner purchased the historic office building from Guyana Holding Sarl. DPK Management Limited were advising the sellers. The price of the transaction will not be disclosed.

The 23,000 sqm office property is fully leased on a long-term lease contract to the City of Prague. There are a number of institutions in the building. The historic Art-Deco style building dates back to 1929 and was comprehensively refurbished in 2006 exclusively for the needs of the municipality. Škodův palác is located on the intersection of Jungmanova and Charvatova in the city centre providing excellent accessibility to public transportation.

GLL has global assets under management totalling approximately €7bn, and have been active in Central & Eastern Europe since 2004 where they currently manage in excess of €1.2bn of commercial real estate, including two other buildings in Prague; Wenceslas Square 3 in Nové Město, and Anděl Park B in Smichov.

About CBRE

About CBRE

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.