Building BETA, the most recently completed of BB Centrum buildings, has changed ownership as it has been sold by its Czech developer, PASSERINVEST GROUP, to ING Real Estate Group.
Building BETA comprises 19,000 sq m of prime office space, as well as several shops and the Hacienda Mexicana restaurant. In addition, it offers large underground parking facilities for approximately 330 cars. BETA is let to tenants such as Good Year Dunlop Tires Czech, RWE Energy, Strom telecom, Samsung Electronics, Logos, Okin Facility and DNS.
Building BETA is the seventh building sale by PASSERINVEST GROUP within BB Centrum. The bid by ING Real Estate has succeeded due to their excellent reputation and long-term investment plan.
Thanks to the professional approach of both the parties and the purchaser’s consultants (Clifford Chance, EC Harris and Ernst&Young), the transaction proceeded smoothly and rapidly, serving as a good platform for further co-operation between PASSERINVEST GROUP and ING Real Estate.
Passerinvest Group is a Czech developer with fifteen-year experience in the domestic market. Established by Radim Passer in 1991, the company has gained a wealth of experience in the area of development of residential, office and commercial buildings and complexes. In the first half of the 1990s, the company presented themselves as a developer of attractive apartments in Prague’s Královské Vinohrady district. However, the name of the company has been associated especially with the multi-purpose BB Centrum project situated in Prague 4 – Michle since the 1995s. With this project, which is undoubtedly one of the most successful and largest in the Czech Republic, Passerinvest ranked among leading players on the Czech real estate market and acquired a good international reputation.
ING Real Estate
ING Real Estate is an international real estate company, actively involved in real estate investment management, development and finance. One of the three largest real estate companies in the world, ING Real Estate has their offices in sixteen countries in Europe, the United States, Asia and Australia. The company operates under the umbrella of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management services to more than 60 million private, corporate and institutional investors from over 50 countries around the world. With their staff of 112,000, ING has built a portfolio of leading companies that provide their clients with comprehensive services under the name of ING.
In addition to offices, the 100,000-sqm BB Centrum currently comprises retail and service areas, apartments and restaurants. Over 2,000 parking places are available too.
Furthermore, some new additional shops, services and restaurants are included in the plans for a large sports centre, known as Nová Brumlovka, which is currently under development. Incidentally, another two buildings are now under construction: Building E (expansion of the ČEZ Group’s HQ in BB Centrum) and Building Gamma, which has been so far the largest building in BB Centrum. All of the above buildings are scheduled for completion in 2006. It is envisaged that a conference centre, as well as school facilities and a community centre will be built in one of the two parks that are being planned. The BB Centrum complex will eventually offer a 300,000-sqm area suitable especially for offices, apartments and shops, as well as 5,000 parking places, including public parking.
The largest and most successful office park in the Czech Republic, BB Centrum boasts a long-term vacancy rate approaching zero. The tenants appreciate excellent customer services that do not end once the lease contract has been signed, as well as opportunities to participate in formulating the overall concept of the services provided on the premises through workshops and regular satisfaction and requirements surveys.
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ING Real Estate
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