Caerus Investment Management acquires the newly built Phase III of Futurama Business Park (Building F) located in Prague Czech Republic in an off-market transaction from Vienna’s Erste Group Immorent (EGI) on behalf of a separate account client.
Prague/London, 19th June 2017 – Caerus Investment Management (Caerus IM) has today announced that together with, and on behalf of the same private separate account client for which it acquired Phase II and Phase I of the same business park (respectively in 2015 and just last month), that it has now advised and structured the off-market acquisition of Phase III of “Futurama Office Park” located in Prague 8, Czech Republic, being the third and final phase of the park and which was newly constructed in 2016.
The Property was contracted to be acquired during mid 2016 whilst in the construction phase, via a forward commitment structure for an undisclosed final purchase price from Vienna’s Erste Group Immorent (EGI), the development subsidiary of Erste Group, Austria’s largest banking group.
Known as “Building F”, the property is a premium, brand-new, highly specified, office building leased to multiple tenants such as pharmaceutical company; Roche and the German stock exchange; Deutsche Börse/Clearstream on long-term leases. It provides 9,500sqm of state-of-the-art office premises which have gained a BREEAM Outstanding Certification due to its use of the latest thermal ground heating technology used by EGI in the building’s construction.
Christopher Millen, Managing Director of Caerus IM said: “This acquisition now completes what was a staged strategy to gain control of the entire Futurama Business Park. We and our client are therefore very pleased to have finally achieved this last milestone and to now control what we believe to be the premier business park in the Czech Republic which we will now further improve on via our active asset management and focused tenant relations”.
Richard Wilkinson, Chairman of EGI commented: “This is another successful transaction for EGI on the back of our sale in late 2016 of our larger “Enterprise” office building in Prague 4. We were very pleased to have been able to transact again with Caerus IM whom we recognised as a reliable counterparty that had the necessary sophistication to structure a forward-commitment style deal.”
Tomáš Velemínský Managing Director of EGI (Czech Republic) said: “With the completion of this last building F in the Futurama Business Park, the originally designed concept for the project has now finally been accomplished. It is a pleasure to see the park full of successful companies employing thousands of people. Selling this third and final phase to the same party which already controls the other two phases of the property, not only creates an added value for the landlord, but also an increased level of amenity and environment for the tenants.” We are happy our successful project has been crowned also by this successful transaction.”
Wilsons and PwC acted respectively as legal and tax advisors to Caerus IM, while Schoenherr and JLL respectively acted as legal and capital markets advisor to EGI.
