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Sale of River Garden Office I in Prague

Category: Investment Deal of the Year, CEE

Award:	Investment Deal of the Year, CEE
Name of deal:	Sale of River Garden Office I in Prague
Value of the transaction (in EUR):	over 50 million EUR
Yield:	slightly above 6.5%
Seller, plus brief information about the company:	HB Reavis Group, leading commercial real-estate developer in CEE with over 750,000 sq m of office, retail and logistic space delivered and another 1M sq m in planning or permit stages.
Consultancy which advised Seller:	n/a
Purchaser, plus brief information about the company:	IAD Investments. Assets under management: almost 200 m EUR. Company's activities throughout CEE include standard mutual funds and special funds management and individual portfolio management services.
Consultancy which advised Purchaser:	n/a
Financing institution:	Ceska Sporitelna (Erste Group)
Why this deal should be considered for the award:	Completed in 2012, River Garden Office I is an A-class office scheme of approx. 19 500 sqm GLA, located in the dynamically developing Karlin district of Prague. The building is fully leased to a number of prestigious tenants, such as Unilever, ADP, Monster Worldwide, Alpiq and Tengelmann. The implied transaction yield of slightly above 6,5% reflects the asset’s high quality and excellent tenant roster. From the purchaser’s perspective, the acquisition of River Garden Office has strong potential to deliver stable revenues from long term leases and contribute to the improvement of the fund’s overall performance. River Garden I is the first project sold by HB Reavis outside of the Slovak market, following divestments of over EUR 0,5 bn of commercial real estate assets in the last 3 years. This deal demonstrates the continuing successful appreciation of HB Reavis projects in the Central European market and is a significant milestone in its history in the Czech Republic and in general.

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