LaSalle buys Palác Anděl for €57.8m

LaSalle buys Palác Anděl for €57.8m

Published at: 2017-12-04 10:58 | Author: CIJ Journal
LaSalle Investment Management acquired Palác Anděl in Prague through its LaSalle E-REGI fund from Aberdeen Asset Management Deutschland AG, the German subsidiary of Aberdeen Standard Investments. The fund's first acquisition in the Czech Republic, it came at a total purchase price of €57.8m. Cushman & Wakefield and Clifford Chance represented the seller. White & Case, JLL, PWC represented the buyer. Karim Habra, Head of Continental Europe at LaSalle Investment Management, said the deal gives the fund "more diversification and access to the most attractive market in Central and Eastern Europe. The mixed use of the building also allows for further use-diversification within the portfolio.” The 14,500 sqm building has six above-ground floors along with two underground levels and parking. The office space provides 80 percent of the leasable area, while 15 percent of it is retail. Nearly fully-leased, the tenant list includes H&M, Pfizer, Toyota, Falcon or mBank. It is nearly fully leased.

Bernd Bechheim, Head of Transactions and Asset Management, (Continental Europe) at Aberdeen Standard Investments, Germany commented: “The successful recent leasing activities underline the quality of the asset and its future potential. We have achieved a good performance for our investors on asset level during the holding period.”

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