Skanska Sells Czech Republic Office Building

PRAGUE-A 135,625-sf office property in central Prague has been sold for approximately $38.7 million. The seller is Skanska, a Stockholm-based global construction services group that developed the property. The new owner is German property fund management company SachsenFonds GmbH, a subsidiary of Landesbank Sachsen.The Bredovsky Dvur property is located a few blocks from Vaclav Square. It was 91% leased at the time of sale. Tenants include the British Council, Europe Assistance and EC Harris.Prague is one of Skanska’s prioritized central European markets for project development, as are Budapest and Warsaw. Skanska recently started a new project in the Czech capital, the 125,000-sf Budejovicka Alej property. Completion of the $27.5-million project is scheduled for this time next year. Earlier this year, Skanska sold the East-West Business Center property in Budapest for $49.6 million.