Skanska Property has sold the Balabenka office building in Prague 9 LibeÅ to the local investor CIB Group for an undisclosed price. The seven storey, 13,000 sqm office building sold is currently 81 percent occupied. The anchor tenants are KomerÄnĆ banka, ÄSOB and Air Telecom.
āAccording to our business model, we concluded it was the right time to sell this project and focus our resources on the development of new properties in Prague such as Corso Court in Prague 8 whose completion is set for end of 2015,ā says Marie Passburg, President of Skanska Property Czech Republic. Alois PÅibyl, CFO of CIB Group, says the acquisition is in line with the company’s strategy of increasing the volume of office space in its real estate portfolio and focusing more on Prague.
CIBās regular financing partner GE Money Bank was the lender for this acquisition. Cushman & Wakefield represented Skanska Property in the deal. Skanska Property acquired the building, originally called VysoÄanskĆ” brĆ”na, from Orco in 2010.
