Chinese investor to buy office asset in Central Europe
CEFC China has agreed to buy the Florentinum office complex in Prague from private equity group Penta Investments for €283 million ($311.5 million). Penta put the property up for sale in May.
CEFC China plans to establish its European headquarters in the nine-story complex. The office property totals 530,000 square feet, with retail and restaurants on the ground floor. It is fully leased, and tenants include EY, Havel, Holásek & Partners, Renomia, Veolia, BlueLink, Bank of China, HSBC Bank, RSJ, Hospodářská komora ČR, Dr. Max, Fortuna and Penta Investments.
Overall, European commercial property investment was €43.7 billion ($47.5 billion) in the first nine months of this year, down 30 percent from the same period in 2015, according to Real Capital Analytics. The United Kingdom led the decline, partly because of the Brexit vote. Germany and France also saw significant declines in transaction activity. In a new trend,