Portland Trust and its long term JV partner, Ares Management, purchased Office Park Nové Butovice in Prague 13 for €65m. The asset, sold by CEE Property Development Portfolio (CPDP 2), offers 36,000 sqm of space and includes one of Prague’s rare highrise office buildings. In line with its strategy, Portland is planning to renovate the complex so that it can charge €13/sqm in rent. Cushman & Wakefield will be leasing the space. Portland is also planning to rename the complex Coral Office Park and upgrade the property’s public spaces, including adding a garden and expanding the restaurant.
