CBRE PRAGUE ADVISED ON THE SALE OF CITY GREEN COURT, THE LEED ® PLATINUM CERTIFIED OFFICE PROJECT
CBRE advised Skanska Property Czech Republic on the sale of their newly completed project City Green Court. The Property was sold to Deka Immobilien Investment GmbH for EUR 53.7 mln. The transaction was signed in May this year and closed in November 2012.
The Property comprises eight stories, offering approximately 16,400 sq m of net rentable areas (including 1,070 sq m of retail premises) and provides 232 underground parking spaces.
The Property is strategically located in Pankrác, Prague 4, in close proximity to the metro, Arkady shopping mall and a wide range of restaurants.
The Property is 100% leased to strong covenants and serves as the headquarters to PwC, GlaxoSmith Kline and Skanska Property Czech Republic on long lease agreements.
The recently completed office project City Green Court received the highest Core&Shell LEED® Platinum certification. Taking into consideration the speculative development of the project and the certification under LEED® 2009, it is the first project in the Czech Republic to receive such high certification.
Katarína Brydone, Associate Director at CBRE Capital Markets, Czech Republic, commented: „We are honoured to manage the disposal process on such a landmark property. The disposal process itself was challenging given the current market conditions and the fact that the property was marketed and deal negotiated several months before completion. However, we were constantly reminded of a high professionalism and effective management within Skanska Property Czech Republic as well as the buyer Deka Immobilien Investment GmbH. We are very pleased with the final result.“
„This transaction also showed the strong interest among institutional core buyers in prime investment products in the Czech Republic. The lack of such investments on the market in 2012 is one of the reasons behind the low transaction volumes recorded this year.“