Triuva re-enters the market by buying Five
The real estate investment volume in the Czech Republic will reach € 3.3 billion in 2017
CBRE, the world's largest commercial real estate services firm, advised Frankfurt based Triuva on the acquisition of Five office building from Skanska Property Czech Republic. The transaction of Five is one of the largest real estate transactions closed on the Czech market in 2017. Other large transactions which closed this year include Skoduv Palac in the Prague City center, Futurama office complex in Karlin, Blox in Prague 6 and Oasis Florenc also in Karlin. Office vacancy in Prague has been constantly falling since 2014 and currently sits at its lowest level since 2007, stimulating demand from investors for office properties. Consequently, investments into the office sector will account for 30-40% of the total investment volumes in Real Estate in the Czech Republic.
We are pleased to have advised Triuva on their re-entry to the Prague office market, having advised them on their previous portfolio sale in 2016. Five is the latest high-quality building developed by Skanska and continues their track record of setting the benchmark in office development in the region, so I am sure this will be a great long term addition to Triuva’s portfolio. This transaction is another sign of the buoyancy of the Czech investment market and we expect that total annual volumes will exceed €3.3 billion by the end of the year.
Five is a new office project featuring technologically advanced and innovative elements and whose advanced sustainable solutions are the basis of its LEED Platinum certification. The property, offering 14,400 sq. m., is already 100% leased. MSD IT Global Innovation Hub, part of Merck & Co. Inc., a global leader in health care and one of the world’s largest pharmaceutical companies, occupies 80% of the building. The remaining spaces are leased to Roche Diagnostics, EBM Group, U1 and Sodexo. Five is located near Anděl in Prague – one of the busiest and most desirable office and retail locations in Prague.
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.