Invesco Real Estate has sold a prime mixed-use asset in Prague on behalf of one of its German separate account strategies.
Located in the established Prague 5 Smíchov submarket and built in 2014, Riverview is a 7,650-square-meter (82,344-square-foot) office-led property with 890 square meters (9,580 square feet) of retail space. Benefitting from strong Environmental, Social and Governance (ESG) credentials and certified LEED Gold and BREEAM In-Use Very Good, the asset is anchored by global pharmaceutical firm MSD, which accounts for about 90 percent of rental income under a long-term lease.
During the hold period, Invesco Real Estate enhanced value through a number of initiatives, including a €3.5 million ($4 million) capital investment program and a 10-year lease extension. The dedicated asset management approach resulted in an exit value more than 30 percent of the original purchase price.
The separate account mandate is a core/core-plus Pan-European strate
