German Deka Immobilien acquires office complex in Prague
Deka Immobilien GmbH has secured the prestigious building complex “The Park” in Prague under a purchase agreement with a controlled affiliate of global private investment firm Starwood Capital Group. Under the terms of the transaction—which were not disclosed—this well-established office park will be transferred to the new institutional fund Deka-Immobilien Fokus Prag (DIFP). The fund will be launched when the sale is closed, which is expected to take place at the end of October.
“The fund is the first product in the new ‘Club Deal Series’ that we plan to expand steadily in the coming years in response to increasing demand from institutional investors for custom-tailored real estate investments,” said Torsten Knapmeyer, Managing Director of Deka Immobilien. The Park property is both the starting and target portfolio of the Fund.
The complex consists of 12 high-quality office buildings that were built between 2003 and 2008 in an attractive campus-style formation, with a central plaza on a property approximately 75,000 m² in size. The 116,000 m² of leasable space is occupied primarily by international technology companies. The 50 tenants include highly creditworthy companies such as DHL, Honeywell, CA Technologies and IBM, together with several retailers and restaurant companies. The Park is located southeast of the city in Prague 4 (Pankràc)—the biggest, most important office market in the Czech capital. The asset’s large, glazed solariums along highway D1 ensure high recognition value.
Source:Deka Immobilien GmbH