CBRE advises on the sale of Avenir Business Park
21.07.2017Company: Amcham
- Avenir consists of ca. 25,300 sq m of lettable area in 6 above ground floors and 519 parking spaces in 2 underground floors and outside.
- The sale of Avenir Business Park represents a successful off-market disposal.
CBRE has successfully advised on the off-market disposal of Avenir Business Park. The purchaser was a fund managed by Tristan Capital Partners along with their co-investing local partner, Mint Investments. The seller was advised by CBRE and Kinstellar. Tristan Capital Partners and Mint Investments were advised by PricewaterhouseCoopers and Allen&Overy.
Avenir Business Park is a high quality grade A office development situated in the popular office district of Prague 5 – Nove Butovice. The property was constructed in two phases, completing in 2004 and 2005 and is leased to 8 tenants, such as ČSOB, Porsche Česká Republika and SONY.
"Congratulations to Tristan and Mint on finalising this acquisition. Avenir is a high quality multi-let office park located in one of the most important decentralised office districts in the city. This sale represents a positive exit for our client, whilst also offering good upside potential for the purchaser."
Chris Sheils, Head of Investment Properties CBRE
In H1 2017, the total investment volume reached almost EUR 2.1 bln. It was the strongest H1 in terms of volume in the history and on a rolling 12-month basis, volumes to the end of Q2 surpassed a new record of EUR 4.9 bln. In H1 2017, the retail sector dominated the market with a 46% share, followed by offices with a 26% share of investment volumes.
We forecast that total investment volumes in 2017 will once more breach the EUR 3 bln level.
Tags: Real Estate | Business Development |
