Generali Real Estate’s Core+ Fund has acquired the IBC office building in Prague’s Karlín neighbourhood from local investor Mint Investments for €70.2 million (CZK 1.9 billion). Wilsons provided legal advice for the seller during the transaction.
Built in 1993, International Business Center consists of ca. 23,800 sqm of lettable area and 299 parking spaces. IBC lies next to a Hilton Hotel, in the heart of Karlin’s growing CBD. The building has nine above-ground floors and two underground floors. IBC has received a BREEAM In Use Very Good certification. The list of tenants includes Renault, Mazars, ST Micro and Doosan.
Mint Investments, a Central European real estate investment & asset manager, acquired the building on behalf of a syndicate of private investors from AEW Europe in 2017.
Mint Investments will stay involved as a property and project manager in the upcoming years.
Earlier this year, Generali Real Estate acquired the Kotva department store in Prague for an undisclosed sum from Pražská Správa Nemovitostí (PSN) through its pan-European fund Generali Real Estate Asset Repositioning SA (GREAR). The new owner, in cooperation with Sekyra Group, is planning the extensive redevelopment of the building while retaining its retail function.
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