DEKA closes Gemini deal in Prague

gemini

It’s been a slow year, but there’s a nice spurt in transaction news at the moment. The latest is word that the long-awaited acquisition by DEKA of the Gemini office building in Prague 4  has gone through. The vendor Sparkassen Immobilien is understood to have agreed to a sale price of roughly €114m, thought to represent a yield of 7.25%, though outside observers are curious how capital gains and vacancy issues have been dealt with. DEKA was represented by King Sturge and Wilson & Partners on the legal size, while the seller retained legal services from Wolf Theiss. The building was developed by Immorent, a subsidiary of Sparkassen Immobilien.

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