Invesco Real Estate has sold its Stara Celnice mixed-use asset in central Prague in an off-market transaction to the Fio real estate fund, a real estate investment arm of Fio bank.
The sale was executed on behalf of a separate account mandate managed by Invesco Real Estate’s for long-standing client Bayerische Versorgungskammer (BVK), Germany’s largest pension group under public law. BVK is Invesco Real Estate’s largest separate account in Europe.
Located in the Namesti republiky, one of the main squares in the historical center of Prague, Stara Celnice is split two-thirds into a prime, fully let office space and one-third into a dedicated retail offering, totaling 11,400 square meters (122,709 square feet). The property was fully refurbished in 2002 and acquired by Invesco Real Estate in 2013.
Invesco Real Estate has renovated the office component, invested about €8 million ($9 million) in capex to turn it into a best-in-class asset.
“We have m
