Caerus advises separate account client on the acquisition of Futurama Business Park Phase II in Prague, Czech Republic
Prague, 13th November 2015 – Caerus Investment Management on behalf of a separate account client, has advised and structured the acquisition of the second phase of Futurama Business Park from Erste Group Immorent CR for an undisclosed price. The first phase of the project was acquired by Invesco Real Estate in 2011.
The second phase of Futurama was completed in 2012 and offers around 15,400m2 of class A office accommodation configured across two separate buildings; namely D&E. The project was designed and constructed to achieve an optimal operating efficiency, with the first phase of the project being the first in Czech Republic to receive BREEAM certification.
The property is strategically located in Karlín, Prague 8 and is positioned directly on Invalidovna metro station. Futurama Business Park is one of only three business-park style office complexes in Prague, which has proven to be an attractive format that provides tenants with large contiguous floor-plates and a high level of open space amenity with green environment.
The second phase of Futurama has attracted prestigious occupiers from a range of business sectors including that of the financial sector with Deutsche Börse; shipping and logistics with Panalpina and business services with ACS (Xerox).
Senior debt for the transaction was provided by Ceska Sporitelna/Erste Bank while Caerus was represented by Wilson & Partners as legal counsel. JLL represented the seller.
Dusan Stastnik, National Director of Capital Markets at JLL Czech Republic, said: “We were delighted to have acted for Erste Group Immorent ČR on the sale of Futurama Phase II and were equally delighted with Caerus’ swift and professional transactional ability. Like our campaign for Phase I, the property attracted very strong interest from a range of international investors which are seeking high quality assets in the Czech Republic at a yield differential to Western Europe.”
Peter Koritschan, Managing Director at Caerus Investment Management, added: “The acquisition of this trophy property was one which was hotly contested in the investor community. We are pleased that through our perseverance and tailored client approach, we were able to consummate this institutional grade transaction. The quality of Futurama sets a benchmark for our intended future acquisitions within the Central European market, and we look forward to completing similar acquisitions on behalf of our select private and institutional client base.”
