Building Alpha at BB Centrum in Prague 4 has been sold by its developer, a PASSERINVEST GROUP company, to a fund managed by INVESCO Real Estate GmbH.
The 11,500 sqm Building Alpha is the most recently completed of PASSERINVEST's BB Centrum buildings and is let to tenants including Microsoft, EDS, Puma, CEZ and British Telecom. It was purchased in August
2004 by INVESCO Real Estate on behalf of its managed fund iii - BVK Europa, a Spezialfonds for the Bayerische Versorgungskammer (BVK), Germany's largest pension fund.
The transaction is significant as it is the eighth building sale by PASSERINVEST GROUP and the first acquisition in Central Europe by a German pension fund using the form of a 'Spezialfonds' structure. It also signals a renewal of their acquisition programme in the region by Invesco Real Estate ( formerly HVB Immobilien Asset Management) following the spin-off of the business from HypoVereinsbank in late 2003.
Ben Maudling of INVESCO Real Estate said 'All parties are delighted with the transaction and the commitment thus demonstrated by such a prestigious international institution as the BVK to the Czech Republic, the Prague office market, the BB Centrum business park and its occupiers'.
Radim Passer, Chairman of the Board, added: "Building Alpha was already the eighth investment programme that we had prepared for investors. Thanks to all the parties involved, the transaction was implemented smoothly and I do believe that this deal will be an asset to BB Centrum too."