AEW has sold Smíchov Gate, an office building in Prague 5, on behalf of one of the funds it manages. The buyer is Redside, which manages the open-ended NOVA Real Estate fund (SICAV). Cushman & Wakefield represented the seller in the transaction, which took place following a ten-year hold by AEW. The vendor’s portfolio in the Czech Republic includes among others the Amazon logistics center in Dobrovíz and Prague’s Galerie Myslbek.
“The transaction demonstrates the depth of capital sources for the Czech Republic and its increasing competitiveness with other European countries,” says Jeff Alson, Partner and Head of CEE Capital Markets at Cushman & Wakefield. Other properties Redside controls through its fund include the Rýnovka shopping center in Jablonec, Orlice Park in Hradec Kralove and the Znojmo Ahold hypermarket. It acquired the Panorama Business Center in November.
