Hypo Real Invest has purchased a 90% share in the SPV that owns Anděl City SO 16+17 in Prague 5 – Smichov for €17.5m. Ultimately, it’s the developer UBM Group that’s sold the building, while for Hypo Real Invest, it marks the company’s second transaction in Prague this year (it bought Vysehrad Victoria back in March). In both transactions it was represented by CB Richard Ellis.
UBM will maintain involvement in the property through its subsidiary AC Offices Klicperova, which retains a 10% share. Hypo Real Invest praised the building’s “strong leasing profile” in a historically strong office location. Andel City offers 6,750 sqm of lettable area, all of which is currently leased.
Katarína Turňová, of CB Richard Ellis Capital Markets lists location as the key as well. “The Smíchov-Anděl district remains one of the key strategic office hubs of Prague, with very strong current and historic performance. We believe that the acquired property is representative of the hub’s strengths.”