Peakside Capital has completed the disposal of the Cube office building in Prague to BPD Development, a Prague-based development company.
Built in 1977, the 21,500 square-meter (231,000 square-foot), iconic office building was acquired by Peakside in 2016, as part of a Central and Eastern Europe separate account vehicle and was the first office investment by Peakside in the Czech Republic. The asset is almost fully occupied by a variety of tenants, representing mainly companies in the health and technology sectors.
“This disposal is a great example of a successful value add investment, realised within a two year window. The Czech market continues to see improving levels of liquidity whilst it is also gaining in maturity. We look forward to continuing our investment activity in the Czech Republic,” said Michał Nawrot, principal at Peakside’s Warsaw office.
Peakside was supported by commercial advisors from Savills, law firm bnt attorneys in CEE, financial & tax company ASB Group, and technical advisors (building consultancy) from CBRE on the transaction.
