Deka Immobilien sells the Panorama Business Center in a transaction to Mint Investments
CBRE advises Deka Immobilien, one of the largest operator of German open-ended funds, in the disposal of Panorama Business Centre. Mint Investments Group, the Central European manager of real estate investments, completed the acquisition of Panorama for its closed-end private equity fund Mint Fund 8 B.V. Deka also worked with legal advisors CMS Cameron McKenna and TPA Horwath whereas Wilson & Partners represented MINT in the transaction.
Built in 2000, Panorama Business Center consists of ca. 6,800 sq m of lettable area and 91 parking spaces. Panorama lies opposite the National Museum and within a one minute walking distance from the top of Wenceslas Square. The Property comprises a well-maintained modern building with eight above ground floors and three underground floors, high technical standard and attractive design. Panorama is certificated with BREEAM In Use Good. With seven tenants in place, the current occupancy rate stands at ca. 60%.
This transaction demonstrates growing difference in risk/ return requirements of large institutional funds on one hand and experienced local investment managers on the other.
It was a pleasure to have represented Deka in this strategic exit which also leaves substantial room for pursuing an asset management plan and associated value-add returns for the buyer.
CBRE record relatively low office investment volumes and transaction activity in 2015. This is a consequence of lack of prime product, recent extensive speculative development and increasing vacancy. However, planned office supply for 2016 decreases sharply to below 50,000 sq m exactly in time when GDP growth accelerates to over 4% levels and so vacancy rate and general occupancy market is expected to improve substantially supporting office investment volumes throughout 2016.
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.