News Article CBRE Czech Republic investment Prague
by Ákos Budai | Investment

Mint Investments, a Central European real estate investment & asset manager sold Panorama Business Center in Prague. The buyer was REDSIDE, manager of real estate open-ended investment fund NOVA Real Estate (SICAV). The seller was advised by CBRE.

Built in 2000, Panorama Business Center consists of ca. 6,800 sqm of lettable area and 91 parking spaces. Panorama lies opposite the National Museum and one minute walking distance from the top of Wenceslas Square. The property comprises a well-maintained modern building with eight above ground floors and three underground floors, high technical standard and attractive design. Panorama is certificated with BREEAM In Use Good.
Mint acquired Panorama in 2015 with 42% vacancy and since then they have successfully completed their asset management plan, reaching full occupancy, within one year. Following completion of their releasing strategy, the property has an average unexpired lease term of 5 years. For the purchaser, NOVA Real Estate, a fund managed by REDSIDE, this represents a low risk, stable income producing asset which complements previous acquisitions made by the fund over the course of 2015 and 2016.