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Immofinanz buys Palmovka Open Park for EUR 76.4 mln

Nathan North 09 July 2019

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Immofinanz buys Palmovka Open Park for EUR 76.4 mln
The business park contains a revitalised former factory
CZECH REPUBLIC Immofinanz has acquired the Palmovka Open Park office complex in Prague 8 for EUR 76.4 mln from Czech developer Metrostav Development.

The three-building complex, which was completed in 2018 contains a total of 28,500 sqm of leasable space and is BREEAM ‘Excellent’ certified and was the winner of the Czech Best of Realty 2018 award for best new administrative centre. The complex, located close to Plamovka metro station, also features a revitalised 1930s factory once used by industrial vehicles producer Horák a Hlava. The modern office complex was designed by Aulík Fišer architekti. It is expected to generate annual rental income of EUR 4.4 mln. The transaction will be financed with equity and debt. Knight Frank represented the seller.

“Following the acquisition of the Warsaw Spire Tower in Poland, this transaction will create further high-quality growth impulses for our office portfolio. The Palmovka Open Park is a first class office property that will generate stable cash flow and strengthen our presence in the very attractive Prague office market. With the planned integration of the building into our Myhive portfolio, we will also increase the recognition of our international Myhive office brand in the Czech capital city,” commented Immofinanz’s CEO Oliver Schumy on the acquisition.

Immofinanz’s Czech real estate portfolio had a book value of EUR 445.4 mln at the end of Q1, representing 10.1 pct of its total portfolio. The 17 standing investments have app. 187,900 sqm of leasable space and an occupancy rate of 96.7 pct.

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