PRAGUE—Union Investment has sold the Trianon office property in Prague, held by its open-ended real estate fund UniImmo: Europa, for around $69 million (EUR 53.8M). The buyer is Czech investment management company REICO, a subsidiary of Ceská Sporitelna.
Union Investment acquired Trianon in 2005 from Hochtief Development as a speculative development project. The overall development costs amounted to $57 million (EUR 44.5 million). Thanks to active asset management, the high-quality building with its approximately 20,600 sq m of rental space attracted significant market attention. At the time of sale, the building had an occupancy level of nearly 100 percent. Czech bank Ceská Sporitelna is the property's main tenant, with 59 percent of the space.
“Over the four-year holding period since opening, the property generated good ongoing income for UniImmo: Europa. We chose the best possible exit time,” said Reinhard Kutscher, chairman of the management board at Union Investment Real Estate GmbH, Hamburg.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
