Standard Life Investments has acquired Palác I.P. Pavlova 5 for its Global Real Estate Fund. The multi-let office building is located in the Prague city center above the metro. The building comprises 7,000 sqm of office across five floors, with retail on the ground floor and 71 underground parking spaces. It’s currently more than 90 percent leased to companies like Regus, Oberbank, Coface and Laufen. The price of the transaction represents a yield in excess of 7 percent. The seller was represented by Cushman & Wakefield.
