Karim Habra, Head of Continental Europe at LaSalle Investment Management, said: “I am delighted with this latest purchase on behalf of LaSalle E-REGI, which, as the Fund’s first in the Czech Republic, gives it more diversification and access to the most attractive market in Central and Eastern Europe. The mixed use of the building also allows for further use-diversification within the portfolio.”

The premises, which have an area of more than 14,500 m², consist of six floors above the ground and two under, along with parking and warehouse space. The building compromises c. 80 % of office space and 15 % of the retail area. Among its tenants are such brands as H&MPfizerToyotaFalcon or mBank. The property is nearly fully leased.

Bernd Bechheim, Head of Transactions and Asset Management, (Continental Europe) at Aberdeen Standard Investments, Germany commented: “The successful recent leasing activities underline the quality of the asset and its future potential. We have achieved a good performance for our investors on asset level during the holding period.”

Jeff Alson, Head of Capital Markets CEE at Cushman & Wakefield, said: “Palac Andel is the perfect example of a transaction where we were able to attract to the deal both local capital and pan-European or global capital, thus creating intensive bid competition. The broad level of interest is driven by the strength of prime location and accessibility of the lot size.”

Source: REP