Acquisition of the Bes Net Centre buildings in Prague
ORCO Property Group, a leading investor, developer and asset manager in the Central European real estate and hospitality market, is pleased to announce the successful acquisition of Bes Net Centre – two Class B office buildings in Prague 4.
The property was purchased from SFK Wing Investments Limited for the company’s Endurance Fund Office Sub-fund. The total investment is app. EUR 20 million.
The property represents partially refurbished Class B multi-functional office buildings comprising six office and storage buildings extending to 18.439 sqm of lettable area and has the sufficient car parking provision of almost 280 spaces. It is divided into 2 buildings - Alfa and Delta, additional storage and Class C office space is provided through 4 single level buildings.
Located in a peripheral outer city office location in Prague 4, approximately 8 km to the city centre, it gives a great opportunity for future tenants providing direct access to the western and eastern districts of the city and the D1 highway to Brno and Vienna. Moreover, there is a metro extension planned in this area.
The building was constructed in the 1950’s with successive extensions over the last 30 years. The primary office building underwent a refurbishment during 1998 – 1999 while its inner equipment has been significantly upgraded during 2000 – 2006. The occupancy of the premises is already 90%.
”We are very happy to acquire property of this type and location. Demand for Class B office space in this location, from both local and international companies, is increasing and we will offer them exactly what they are looking for“, said Mr. Jeff Alson Investment Acquisitions Director CEE, Orco Property Group.
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Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of 1,31 billion EUR, as valued at 31. 12. 2006. Operating in Central Europe since 1991, Orco is a public company listed on the Euronext in Paris and on the Prague, Warsaw and Budapest Stock Exchanges. Orco Property Group’s portfolio includes, IPB Real, MaMaison Hotels & Apartments, Viterra Development, Gewerbesiedlungs-Gesellschaft mbH (GSG), Orco Real Estate, and other retail properties. Orco Property Group operates in a number of countries including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco Property Group is continually analyzing investment into new territories.
Orco Property Group is also sponsor and manager of The Endurance Real Estate Fund, a Luxembourg–regulated, closed–end and umbrella fund with several sub-funds focused on real estate acquisitions on office and retail, residential and hospitality markets. The total subscribed capital of the first Office Sub-fund represents EUR 150 million and it currently manages assets of approx. EUR 240 million. Estimated total value of the Sub-fund’s portfolio after investment of full subscribed capital is app. EUR 500 million. The Endurance Fund is dedicated to institutional investors and focuses on acquisitions in Central European real estate markets. The second Residential Sub-fund started its activities in October 2006. Its current subscribed capital amounts to EUR 100 million, the target being EUR 200 million. Hospitality Sub-fund and Office II Sub-fund are currently starting the subscriptions. For further information, please visit www.orcogroup.com