Invesco Real Estate is selling a class A six-story office property in the heart of Prague’s Andel district, the firm announced on Aug. 7.
The deal was made on behalf of a German separate account client from its pan-European portfolio for an undisclosed amount.
The 4,450-square-meter (47,899-square-foot) asset known as Andel City is fully-let to a diverse mix of local and international clients from a range of industries. The building includes 3,900 square meters (41,979 square feet) of office space, a 500-square-meter (5,381-square-foot) conference center and underground parking. It is also close to local transport links.
Since Invesco acquired the building in 2011, it has exceeded the targets that were set as part of the building’s business plan, according to Tomas Picha, senior director of transactions CEE at Invesco.
“The Czech economy continues to be strong, and we see increasing institutional interest for high-quality assets in the country; part
