Czech fund Aurelia has acquired office buildings Trimaran and City Element, in Prague, from PIMCO Prime Real Estate, for an undisclosed sum.
"Trimaran and City Element have everything an office property should have – they are energy-efficient, boast 100% occupancy with strong and stable tenants and are located in an administrative district whose prestige will rise further as it becomes an interchange between metro lines C and D," said Fraser Watson, Head of Real Estate at the Axelor group, to which the fund belongs.
Together, the two buildings offer over 28,000 sqm of lettable space. Main tenants include the conference and event centre Cubex, outdoor advertising firm Czech Outdoor and coworking operator Scott.Weber Workspace. They are bound by long-term leases, with an average time to expiry (WAULT) of nearly five years. Trimaran was completed in 2018 and City Element a year later. Both buildings hold PENB A energy ratings and Leed Platinum sustainability certificates.
The transaction is co-financed by a banking syndicate of ČSOB and UniCredit, with the rest coming from the fund's more than 4,700 investors. "Interest from the public – individuals and companies – is high. The inflow into the fund averages over CZK 100 million monthly, with 30% of clients investing regularly," says Jakub Lukša, Manager responsible for Business Development. According to Watson, Aurelia is already preparing further acquisitions in the Czech Republic, Germany and Spain, targeting dominant shopping centres and retail parks.
