Spanish investment fund, Azora Europa l, has sold Galleries Louvre, their prime office property in Prague 5, to Redstone Real Estate, a private equity platform. The counterparties agreed not to disclose the price. The property is a mid-sized office building offering approximately 4,800 sqm of prime administrative space and is fully and long-term let to blue-chip tenants such as Lukoil Accounting and Finance Europe (LAFE), health insurance company - Všeobecná zdravotní pojišťovna (VZP) and Swiss engineering company - Stadler.
Azora Europa, a Spanish investment company represented by JLL, has sold Galleries Louvre, their flagship office property in Prague 5, to private equity firm - Redstone Real Estate. The mid-sized, A-grade building, completed in H2 2008, offers approximately 4,800 sqm of prime administrative space. The property´s blue-chip tenants such as LAFE, VZP and Stadler all benefit from an attractive and easily accessible location in the booming office district of Prague 5 Radlice (with walking distance to Radlická metro station and direct access to Prague´s southern circular ring road) and high-quality space and attractive interior design. The seller was assisted by JLL as its property advisor and CMS Cameron McKenna as its legal advisor. The buyer was assisted by Squire Patton Boggs as its legal advisor and Deloitte as its tax and financial advisor.
“We are very satisfied with the sale of Galleries Louvre. It is a high quality project located in the established and still improving area. It has been appreciated by international tenants with whom we extended the leases during last 6 years. The decision on the sale was taken considering the positive investment mood in the Czech market and the internal strategy of the fund” said Anna Szelc representing Azora Europa in CEE
“Galleries Louvre, as a well-established asset in a growth location, fits well in our opportunistic strategy to seek tenants who appreciate attention and high-quality service. With our strong financial backing and an experienced team which keeps expanding, we are confident to build a growth oriented portfolio of assets located in the Czech Republic and Slovakia” adds Richard Morávek, the founder of Redstone Real Estate.
“Prague office schemes are highly sought-after investment products on the Czech property investment market. Galleries Louvre is a perfect example of a great product in a fast growing business district in Prague. The excellent accessibility and full range of amenities have already attracted a number of blue-chip tenants to the commercial properties around the Radlická metro station,” comments Jiří Horák, JLL Capital Markets.