HB Reavis Group has sold its River Garden Office I located in Prague to Prvý realitný fond (PRF) managed by IAD Investments.
The transaction values the asset at in excess of 50 million EUR at an implied yield of slightly above 6.5%, reflecting the strength of the tenants and high quality of the asset. River Garden Office I is located in the dynamically developing Karlin district of Prague and, completed in 2012, offers approx. 19 500 square metres of rentable space, and is fully leased to a number of prestigious tenants. These include companies such as Unilever, ADP, Monster Worldwide, Alpiq and Tengelmann, with HB Reavis itself also seated there.
