ASB Group assisted REDSIDE on its sale of Avenir E building

March 25, 2019 Czech Republic

ASB Group was involved in advising REDSIDE, a fund management company, in the sale of Avenir E, a grade A office building located in the established office hub of Nove Butovice in Prague 5. The building was acquired by the investment company Investika. ASB Group provided transaction services to REDSIDE on the sell side.

“We purchased the asset in early 2016 via a portfolio transaction, as the only building in a non-core location. Since the acquisition, we have actively worked on improving it. The transaction proves our ability to not just buy, but also safely manage, add value and successfully realize our investments. Now came the time to capitalize on our efforts, dispose of the building and reinvest into assets with better return characteristics,” says Tomas Berka, Fund Manager REDSIDE, fund management company.

Tomas Novak, Partner at ASB Group says: “We are really proud to have represented Redside in the sale of office building Avenir E, as a financial and tax advisor. The disposal is a great showcase of successful investment strategy done by Redside real estate team.”

Avenir E is a stand-alone office building within the Avenir Business Park complex. The 6,700 sqm building was completed in 2008 and received the Best of Realty award that year. The building is made up of five upper floors of office accommodation and provides generous parking facilities. Avenir E is easily accessible by public transportation and by car and its location offers the full range of amenities within walking distance.