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Five, Prague, Czech Republic

CATEGORY
Investment deal of the year, CEE
Five is a prestigious new office development, which showcases technologically advanced and innovative features, and whose green credentials are underpinned with LEED Platinum certification with 89 points, which is the highest score in the field of speculative development in the Czech Republic. It is a great example of transformation of originally industrial property (tram deport) into modern office building with historical features such as historical wall and original depot clocks. The building boasts with innovative features such as the app that gathers all the services in the building or smart mirrors. All the technologically advanced and sustainable solutions support the high technology level required by the tenants. Five is located near Anděl – one of the busiest and most desirable office and retail destinations in Prague.The seven-story Five office building was commissioned for use in April 2017. The property has 143 parking spaces and is strategically positioned between two busy transportation hubs – Anděl Metro Station and Smichov Railway Station – offering commuting and travel possibilities to both domestic and international destinations. Being situated near the Vltava River, Five offers a tranquil working environment, and unique views of the historical city center, Prague Castle, and the Vyšehrad Fortress.
Name of the deal
Five, Prague, Czech Republic
The date of closing the deal
Q4 2017
Value of the transaction (in EUR)
EUR 50m
Yield
confidential
Seller, plus brief information about the company
Skanska is one of the world’s leading project development and construction companies, with an almost 130-year history. In Central and Eastern Europe the company operates in 10 cities located in four key real estate markets: Poland, the Czech Republic, Romania and Hungary. This year Skanska’s commercial development business in CEE celebrates the 30th anniversary of its operations in the region. With the largest presence in CEE among office developers, the company enjoys the trust of tenants and investors, who are willing to continue working together successfully, expanding their businesses in Skanska’s other office buildings. The company provides futureproof flexible office space tailored to the needs of modern companies, meeting the highest requirements of sustainable development, which is confirmed by their LEED certification and implementation of newest solutions such as WELL standard.
Consultancy which advised Seller
JLL acted as the exclusive agent to Skanska and Dentons acted as a legal advisor.
Purchaser, plus brief information about the company
TRIUVA Kapitalverwaltungsgesellschaft mbH is a leading provider and manager of structured real estate products for institutional investors in Germany with assets under management of around EUR 9.7 billion. As an integrated investment platform with a network of branches spanning Europe and many years of expertise, Triuva offers to ther investors all services for the structuring and management of real estate investment products. Triuva primarily focus on commercial properties in the office, retail and logistics sector in Europe.
Consultancy which advised Purchaser
CBRE acted as the commercial advisor and Schonherr acted as a legal advisor.
Financing institution
Bank financing
Current occupancy level
100%
Please say why this deal should be considered for the award
Five was sold in June 2017 to a German real estate fund managed by TRIUVA Kapitalverwaltungsgesellschaft mbH, Europeanwide active investment manager based in Frankfurt. The sales process ran smoothly and the transaction is going to be closed in November 2017. The property providing 14,400 sqm GLA was already 100% leased at the moment of the sale. MSD IT Global Innovation Center, part of Merck & Co Inc., a global healthcare leader and one of the largest pharmaceutical companies in the world occupies 80% of the building. The remaining space is leased to Roche Diagnostics, EBM Group, U1 and Sodexo. Five was a sought-after investment product as it is a newly-built project with extended (10-year) warranties for hydro-isolation of the roof, foundations, façade and concrete structure provided by Skanska and Innovative features such as Five app and smart mirrors.