PPF Real Estate is selling City Tower in Prague 4 Pankrác. Reico, a real estate fund of Česká spořitelna, offered the highest price for the tallest office building in Prague and the second tallest in the Czech Republic. Hospodářské noviny writes that Reico offered €180m for City Tower, which represents a yield of 5.4 percent. The transaction has not yet been closed. The list of tenants in the 50,000 sqm building includes names such as Raiffeisenbank, PAC Nielsen, Glenmark Pharm and Hasbro. The building is nearly 100 percent let, with rents in the vicinity of €14/sqm. PPF, owned by the Czech billionaire Petr Kellner, bought City Tower only two years ago.
