Mint Investments has expanded its real estate portfolio by additional office space in Prague. The fund has acquired the Coral Office Park in Prague’s Nové Butovice, theprime.cz reports. The seller was Portland Trust and the transaction price has not been disclosed.
An investment fund of Mint Investments group has acquired the 35,000 sqm Coral Office Park above the Nové Butovice metro station at an acquisition yield of over 6.5%.
The office park, completed in 2008, is divided into four buildings with a fifth, one-level building serving as a restaurant. The property is currently 95% leased to tenants such as LeasePlan, Kühne & Nagel, New Work and Škoda Transportation at rents that are below €14. Mint Investments partner Lukáš Schirl says low vacancy rates across Prague plus ongoing improvements of the area around the Nové Butovice station make a good case for value growth.
Cushman & Wakefield, Clifford Chance, TPA and Arcadis acted for Mint Investments. The financing bank in the transaction was Raiffeisenbank with White & Case as their counsel.
Mint Investments Group has been operating on the Czech market since 2002 and is owned by 5 partners. The total value of managed properties exceeds €600 million.
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