BHS Real Estate Fund SICAV has acquired the Ostrava office complex The Orchard from Hartenberg Holding. The 34,000 sqm asset was completed in 2007 and is comprised of three 11,300 sqm office buildings. Along with 600 parking places and a range of services and amenities, the project features a Park Inn hotel with conference space next door. The Orchard has consistently maintained low vacancy rates. JLL assisted in the acquisition of the asset, whose price was not revealed. “With 213,437 sqm in total, Ostrava’s office marekt is the third largest in the Czech Republic,” said Hana Kollmannová, head of JLL’s capital markets division. “With limited new supply since 2015 and economic growth, vacancy on the Ostrava market has fallen to 11.7 percent, which represents the lowest vacancy rate since 2010.” She says this shift to a landlord’s market could lead to pressure on rents in time.
