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.
Chris Sheils, Head of Investment Properties at CBRE, added:
“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.