8. Juli 2016
Peakside acquires The Cube office complex in Prague
Peakside Capital has acquired the Cube office complex located in Prague, Czech Republic, from PGIM Real Estate. The property, located at Evropska street, 10 minutes drive to Vaclav Havel Airport Prague, comprises ca. 21,000 sqm of GLA and is 94%-occupied by a number of locally and internationally recognized companies, mainly representing the health & technology sectors.
Peakside purchased the asset on behalf of a separate account client. It is its second investment in the Czech Republic, following the acquisition of portfolio of 72 retail assets purchased from Atrium in January 2015. The purchase price is confidential.
Peakside Capital was advised by real estate advisory firm JLL, law firm BNT, financial & tax advisors ASB and technical specialists Sentient. The seller was represented by real estate advisors from CBRE, law firm Clifford Chance and financial & tax specialist’s PWC.
Otis Spencer, Managing Director of Peakside, commented: “The Cube is another Peakside investment in the Czech Republic and clearly illustrates our objective to capitalize on the current market apprehension by acquiring quality assets at prudent pricing by providing vendors with certainty of execution. We believe the Cube offers an attractive combination of stable cash flow together with a number of opportunities for further value growth, which have already been identified.”
For further information, please contact:
Dido Laurimore / Clare Glynn, FTI Consulting
Tel: +44 (0)20 3727 1000
Notes to editors:
Peakside Capital is a European real estate private equity firm and is fully owned by its partners. It was established in September 2010. Peakside manages assets in three different European countries, totalling over EUR 1 billion in gross asset value. It provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate investments. It currently invests in Germany through its Peakside Real Estate Fund II (PREF II), an opportunistic fund focused on active asset management opportunities and in CEE through several separate account mandates targeting core plus, value add and opportunistic transactions. It further manages the Polonia II Fund, a vehicle invested in three outlet retail centres in Poland. The company has offices in Germany (Frankfurt and Munich), Poland, the Czech Republic, Luxembourg, Switzerland, and the Cayman Islands.