PPF Real Estate has agreed to acquire the Telehouse office building in Prague's Dejvice district from a group of investors comprising BPD Development and Radek Pokorný's Engine Prague Development. The building is situated close to PPF Group's headquarters in Prague 6.
Telehouse offers more than 21,000 sqm of leasable space and has maintained high occupancy with a stable mix of tenants from the technology, telecommunications, healthcare and pharmaceuticals sectors. The acquisition adds a commercial property with long-term income potential to PPF Real Estate's existing portfolio of European assets.
"Telehouse is a high-quality office asset in an excellent location with strong long-term tenant demand. We also value the building's location close to PPF Group's headquarters and PPF Real Estate's offices. The acquisition is in line with our strategy of investing in prime properties," said Robert Ševela, Chairman of the Board of Directors of PPF Real Estate.
Completed in 2019, the building benefits from good transport links, local amenities and proximity to Václav Havel Airport. The sellers' representatives noted that "Telehouse has ranked among Prague's highest-quality office buildings and has remained highly attractive to tenants over the long term. We are pleased that the building is passing into the hands of an investor with a strategic vision and excellent knowledge of the local market. We believe that PPF Real Estate will be able to realize the building's full potential." The financial terms of the transaction have not been disclosed.
