Peakside Capital, the independent, owner-operated real estate private equity manager with offices in Frankfurt, Munich, Warsaw, Prague, Zug (CH) and Luxembourg, has completed the disposal of the Cube office building in Prague to BPD Development, a Prague-based development company.
Built in 1977, the 21,500 sqm, iconic office building was acquired by Peakside in 2016, as part of a CEE separate account vehicle and was the first office investment by Peakside in the Czech Republic. The asset is almost fully occupied by a variety of tenants, representing mainly companies in the health and technology sectors.
Michał Nawrot, Principal at Peakside’s Warsaw office, commented: “This disposal is a great example of a successful value add investment, realised within a two-year window. The Czech market continues to see improving levels of liquidity whilst it is also gaining in maturity. We look forward to continuing our investment activity in the Czech Republic.”
Tomas Novák, Partner at ASB Group saids: “We are happy to assist Peakside Capital in this transaction as financial and tax advisor. The disposal is a great showcase of successful investment strategy and it is important to point out that both, foreign and local investors are very active on the Czech real estate market.”