News Article ČMN Czech Republic domestic investment office Prague
by Property Forum | Investment

Czech real estate group Českomoravská Nemovitostní (ČMN) has completed the €74.5 million (CZK 2 billion) acquisition of two office buildings, City West C1 and C2 in Prague's Stodůlky area. The seller is Luxembourg-registered Capital Financial Holdings (CFH). Raiffeisenbank provided financing for the acquisition.

The City West office complex is located close to the Stodůlky metro station, comprising over 25,000 sqm of leasable space. The buildings were developed in 2014 by Finep and Ungelt Partners. Since 2015, C1 has served as the headquarters of Vodafone in the Czech Republic, while the list of tenants for C2 includes CGI IT, Aevi and Cemex.

"We were interested in this project due to the fact that it fits into our strategy of investing in office properties with highly creditworthy tenants. The fact that they are energy-efficient buildings also played an important role - both are LEED Gold certified. Despite the slowdown due to the coronavirus pandemic, we managed to close the deal relatively quickly," comments Radek Stacha, Chairman of the Board of Directors at ČMN.

Thanks to this transaction, the size of the portfolio managed by ČMN has reached over 80,000 sqm. In total, the group already controls more than two percent of the total area of ​​office buildings in Prague.