A fund managed by the Real Estate Group of Ares Management Corporation and local partner Portland Trust have sold the Coral Office Park in Prague to Mint Investments. Four independent office buildings totalling almost 35,300 sqm in Prague 5 were sold for an undisclosed price.
Savills and Wilsons advised the sellers. The purchaser, Mint Investments, was advised by Cushman & Wakefield, Clifford Chance, TPA and Arcadis.
Coral Office Park comprises over 31,000 sqm of lettable office space and around 3,000 sqm retail space. The project also includes a fitness centre, a nursery and a kindergarten, facilities for cyclists and a new extended restaurant. In 2021, Coral Office Park became the first office park in the Czech Republic to obtain the WELL Health-Safety Rating. International covenants include Cofidis, Regus, Škoda Transportation, LeasePlan and The Kuehne + Nagel Group amongst others.
Robert Neale, Managing Director of Portland Trust comments: “The disposal marks a successful conclusion to our business plan. Since the acquisition, we have undertaken a systematic upgrade and modernisation of the entire business park resulting in almost full occupancy, whilst adding a raft of “prop-tech” amenities and well-being initiatives essential to attract and retain tenants.”
Sebastien Dejanovski, Mint Investments adds: “After a number of years, we are returning to Coral Office Park, this time not only as an asset manager but also as proud owners. We see a continued opportunity in this acquisition to yet again deliver exceptional returns to our private investors, further improving this landmark office park in a key office location.”
Stuart Jordan, Managing Director of Savills CZ&SK, says: “The transaction confirms continued strong interest in the office sector in Prague from investors, whereby the occupational outlook remains positive. The amenity offers of the asset alongside its WELL Certification ensured that post lockdown periods, occupancy bounced to pre-pandemic levels exceptionally quickly.”
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