Europa Capital has sold the Hadovka Office Park in Prague’s 6th district to WOOD & Company. The 22,265 sqm building is divided into four 4-storey sections offering offices with floorplates of up to 4,500 sqm. Active asset management by Europa Capital means the building is now fully let to occupiers such as CapGemini, MSD (Merck & Company), Otis and Carrier (both part of the United Technologies Corporation). The vendor also carried out a refurbishment of common areas and achieved an “Excellent” BREEAM in-use rating. Following the sale, Hadovka Office has been placed into the open-end WOOD & Company Czechoslovak High-Yield Real Estate subfund.
“The quality of this asset is evidenced by the high retention rate of its occupiers and the refurbishment we have carried out has gone a step further towards improving tenant satisfaction,” said James Pennington, Asset Management Director. “This sale is a successful example of our strategy to acquire high quality but capital starved income producing assets and to modernise the fabric of buildings whilst improving the income profile.”
CBRE worked with WOOD & Company on the transaction while Savills was on the vendor’s side of the table.
