Investment groups SPM and SCF have become the new owners of the Prague office centre Palác Křižík. Both entities have acquired it from the previous owner, the Generali group.
In the segment of office buildings of the A category, this is one of the most significant transactions in the Czech Republic and at the same time the largest purchase transaction of the SPM Group in its history.
Palac Křižík is located in Prague's Anděl business district. The office complex named after the famous Czech inventor František Křižík consists of two parts. The first includes a set of six interconnected historic buildings from the beginning of the 20th century, renovated and rebuilt into modern offices in 2006. The second part is a new building from 2012, which houses the headquarters of Seznam.cz.
The total leasable area of the complex is over 25,000 sqm. The buildings have seven above-ground and four underground floors, with approximately 250 garage spaces. Most rentable spaces are offices, and the ground floor is also home to shops and services. The building received BREEAM certification at the Excellent level.
Negotiations for the current acquisition, performed without external financing at this stage, lasted half a year. Real estate advisors in the transaction were Savills and iO Partners, the legal side was provided by the Wilsons office and the financial and tax consulting by RSM CZ.
"We wanted to sensibly increase the asset allocation in the real estate segment within the entire portfolio. But at the same time, we were looking for a property that makes sense for us in terms of income," says Slavomír Pavlíček, co-founder and Managing Partner at SPM Invest.
"We are really happy that we managed to expand our real estate portfolio with an office complex occupied by stable tenants for a long time. The Prague Anděl location is constantly developing, and we are happy to be a part of it," says Josef Malíř, Managing Director and owner at SCF.
