Immofinanz is making a further strategic acquisition in the office sector with the purchase of the Palmovka Open Park in Prague through the takeover of the related real estate holding companies. This office location consists of three buildings with 25,800 sqm of rentable space. The agreed property value amounts to €76.4 million, and the expected rental income totals roughly €4.4 million per year. The seller is Metrostav Development, the project development company which completed the property in 2018. The seller was represented by Knight Frank.
Adventum International, a Malta-based boutique investment fund manager with a partial Hungarian background, has acquired the 18,000 sqm Poznan Financial Center from Peakside Capital Advisors. The purchase price was not disclosed.
M7 Real Estate, a pan-European investor and asset manager, has acquired a further five office, light industrial and logistics assets in Poland on behalf of its M7 Polish Active Fund (M7 POLAF) for a total of €65 million in three separate transactions.
Following several successful transactions in Prague (Waltrovka, Rustonka, Main Point Pankrác), the sale of Bratislava’s Twin City Tower marks another major Central European deal involving a Korean investor. Cushman & Wakefield, which over the course of the past few months has helped bring a total of €600 million of Korean capital to the region, summarised the phenomenon.
Ethos, a Class A office building located at the heart of Warsaw, has been sold by Kulczyk Silverstein Properties to a Credit Suisse Asset Management real estate fund. Avison Young and CBRE jointly represented the seller throughout the sales process.
Mint Investments Group has completed the acquisition of the Main Point Pankrác office building for South Korean investment company Hana Financial Investment. The value of the transaction exceeds €115 million. Mint provided the investment underwriting and advisory during the transaction and will be responsible for the property's asset management. Dentons, Cushman & Wakefield, Arcadis and TPA also advised on the transaction.
Neptune, a joint venture between Neinver and Nuveen Real Estate, has acquired Silesia Outlet in Gliwice, Poland, from 6B47 Real Estate Investors for €31.5 million. The new acquisition becomes Neptune’s sixth asset in Poland and the 15th in Europe, including one project under development.
EPP has successfully completed the purchase of four M1 shopping centres, closing tranche 2 of its multi-year M1 transaction. The JSE-listed company is already the largest owner of retail real estate in Poland by GLA and this deal with adding an additional 141,000 sqm of GLA to its portfolio. Tranche 2 consisted of M1 shopping centres in Bytom, Czestochowa, Radom and Poznan. The deal is valued at EUR 224 million.
CTP and a consortium of three banking groups (Erste Group Bank, Société Générale and UniCredit) agreed on an underwriting package of €1.9 billion for CTP’s Czech industrial portfolio, comprising 200 buildings, covering 2.7 million sqm of premium industrial space.
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