CPI acquires City West

As long as we’re looking at what 2010 brought us last year, a mention is due to one of the biggest transactions of the year in Prague. In a deal brokered by CB Richard Ellis (working for the vendor) that took months to finalize, buildings B2 and B3 in Finep’s scheme City West was finalized just before Christmas. There’s been no official word on the actual yield, but the €70m is thought to reflected a competitive price for the 28,800 sqm buildings. Siemens is occupying the two buildings that were sold.
“The fact that it’s a local buyer shouldn’t be surprising,” says Stuart Bloomfield, associate director at CB Richard Ellis. “The emergence of the local buyers was predicted and replicated in all markets, whether they’re more established markets like London and Paris, or Prague and Warsaw.”

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