Office Park in Czech Republic Sells for $116M

PRAGUE-Doughty Hanson & Co. Real Estate of London has sold the Office Park Nové Butovice here for €89.5 million (US$ 116 million). The London-based fund manager says it sold the three-building campus to Czech and Slovak Property Fund BV in a share transaction.

Doughty Hanson acquired the site in January 2001 in co-operation with private investors and proceeded to develop 290,000 sf of office space. Tenants include Accenture, Allianz, BMW and Siemens. In addition, full permitting has been granted for an additional 76,000 sf of office space.

Next door, Doughty Hanson and two private investors continue to own a plot of land for which they are renewing planning permission to develop Metronom, which will include an additional 323,000 sf of office space and 215,000 sf of residential.