Europa Capital, represented by Savills, has concluded the sale of Hadovka Office Park in Prague to WOOD & Company, the leading investment bank in Emerging Europe.
Hadovka Office Park is a well specified office building in the Prague 6 submarket, located on the main road which connects the CBD with Prague’s International airport. The building, comprising 22,265 sq metres of office accommodation, is arranged over four floors above ground and a further two underground parking levels. The property is split into four parts with individual reception areas and can provide flexible office space ranging from 100 to 4,500 sq. metres to suit both larger and smaller businesses. Following implementation of Europa Capital’s asset management initiatives, the investment is now 100% let with significant occupiers including CapGemini, MSD (Merck & Company), Otis and Carrier (both part of the United Technologies Corporation). The office space is further complemented by an in-house café, canteen and gym facilities.
Since owning the building, Europa Capital has maintained substantially full occupancy while carrying out a refurbishment of the common areas and achieving an excellent BREEAM in use rating. Hadovka Office Park is now placed into WOOD & Company Czechoslovak High-Yield Real Estate subfund, the open-end fund of qualified investors managed by WOOD & Company.
James Pennington, Asset Management Director, commented:
‘The quality of this asset is evidenced by the high retention rate of its occupiers and the refurbishment we have carried out has gone a step further towards improving tenant satisfaction. This sale is a successful example of our strategy to acquire high quality but capital starved income producing assets and to modernise the fabric of buildings whilst improving the income profile.’
Vladimír Jaroš, CEO of WOOD & Company commented:
‘We are pleased to be adding Hadovka Office Park into our portfolio within WOOD & Company Czechoslovak High-Yield Real Estate subfund, which already consists of three recently acquired office projects in Bratislava. Our goal now is to focus primarily on Prague office market, while Hadovka fits well into our plans and strategy. Hadovka is an as A-class office building in a unique location with a well-diversified tenant mix and we are dedicated to further improve services for our tenants.’
Chris Sheils, Head of Investment Properties at CBRE:
‘We are very happy to have successfully assisted WOOD & Company in acquiring Hadovka Office Park, a high-quality office property that has benefitted from significant investment by the previous owner and is now set to provide WOOD & Co’s clients with solid returns on a long-term basis. The sale of Hadovka Office Park is one of the largest transactions closed so far this year, although we expect significant activity in the coming months across the office, retail and industrial sectors with forecast volumes for 2018 to surpass 2 billion EUR.’
About Europa Capital:
Europa Capital is a real estate fund manager focused on European markets. For more than 20 years, Europa Capital has been delivering risk adjusted returns for a global audience of investors. We focus on investment returns driven by real estate fundamentals in both equity and debt strategies. Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 128 transactions totalling more than €10.9 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of Rockefeller Group International, Inc. (“RGI”), a subsidiary of Mitsubishi Estate Co. Ltd. RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
For further information, please contact:
Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
Further information can be found at www.europacapital.com.
About WOOD & Company
Founded in 1991; with teams in Prague, Bratislava, Warsaw, Milan, Bucharest and London, WOOD & Company is the leading investment bank in CEE focused on providing corporate finance & capital markets services, securities brokerage, and asset management. WOOD & Co already provided its clients with advisory services on more than 150 mandates at approximately EUR 50 bn. Volume of securities traded by WOOD & Co on 6 European stock exchanges (Warsaw, Prague, Vienna, Budapest, Bucharest, and Istanbul) averages over EUR 15 bn annually.
Further information can be found at www.wood.cz.
