Skanska Commercial Development Europe is part of Skanska, one of the world’s leading project development and construction groups with an almost 130-year history in the real estate sector. Skanska CDE is an investor and developer of green innovative office projects. The company’s operations are conducted by four local units in the key CEE markets: Poland, the Czech Republic, Romania and Hungary, in ten major cities.
Name of the deal
Corso Court, Prague, Czech Republic
Value of the transaction (in EUR)
EUR 55m
Yield
confidential
Consultancy which advised Seller
Cushman & Wakefield acted as the exclusive agent to Skanska and Dentons acted as a legal advisor.
Purchaser, plus brief information about the company
Invesco Real Estate (IRE), established in 1983, manages global investments in direct real estate, real estate securities including equity and debt, infrastructure securities and master limited partnerships (MLPs). In Europe, Invesco Real Estate is now truly a pan-European real estate asset management business with EUR4.1 bn assets under management and a number of new fund concepts in the pipeline.
Consultancy which advised Purchaser
Colliers International and Wilson and Partners as a legal advisor.
Financing institution
Bank financing (50% LTV, through a German bank)
Current occupancy level
100%
Please say why this deal should be considered for the award
Corso Court office project, designed by the world-class architect Ricardo Bofill, is a trophy asset, an A-class office building, newly constructed (Q3 2015) in the heart of Prague’s evolving Karlín business district. This 7-story building provides 17,200 sqm GLA and it was 100% leased to international, prestigious tenants at the moment of sale.
Corso Court is the second project that Skanska sold to Invesco Real Estate, after the Riverview transaction in Prague. This deal shows investment fund’s trust and appreciation of the top-quality of Skanska’s office assets and the company’s high working standards.
Corso Court offers a spacious and impressive atrium and a beautiful public garden. It was designed with a focus on creating workplaces that foster innovation and productivity and features a number of sustainable energy-saving and innovative solutions supported by LEED Platinum certification with the highest points score in the Czech Republic within the area of speculative development.
