Commerz Real sells Charles Square Center in Prague to KGAL
Commerz Real has sold the commercial property “Charles Square Center”, which is located in Prague’s New Town quarter, to KGAL Investment Management. The building was erected in 2002 and had been in the portfolio of the Commerz Real open-ended real estate fund Hausinvest since 2007. “Following a successful repositioning and full leasing we have utilised the ongoing demand for core properties to attain a very good result for our investors thanks to a sale,” explains Mario Schüttauf, the fund manager for Hausinvest.
Following a successful repositioning and full leasing we have utilised the ongoing demand for core properties to attain a very good result for our investors thanks to a sale.
Mario Schüttauf, the fund manager for Hausinvest.
Charles Square Center was designed by the internationally renowned Chicago-based architecture firm Lohan Architects. After the departure of the former anchor tenant Ernst & Young from 8,000 square metres of office space at the end of 2013, the tenant mix was restructured and the building technology upgraded; the property is now used by 28 companies from various industries. The building – which has been certified to the international sustainability assessment system BREEAM (Building Research Establishment Environmental Assessment Methodology) – has a total of 14,000 square metres of office space and 4,600 square metres of retail space. The main tenants are the tobacco company Philipp Morris, Commerzbank and the technology company Cisco Systems. Centrally located at Karlsplatz 10 in Prague’s New Town quarter, Charles Square Center has direct links to the public transport network.
In the course of the sale – in the framework of a bidding process – Commerz Real was advised by JLL, Clifford Chance, Arcadis and TPA.