Generali Real Estate acquires landmark Prague office building
Generali Real Estate (GRE) has completed the acquisition of International Business Centre (IBC), a prestigious office building in Prague, from Mint Investments, on behalf of the pan-European “Generali Real Estate Core Plus” fund managed by Generali Real Estate.
Located in the city centre of Prague, in the modern Karlín district next to the Florenc metro station, International Business Centre was built in 1993 as one of the most distinctive office buildings in Prague. Since then, it was only partially renovated over time, with a potential to fully express its value.
IBC offers around 24,000 square metres of office and retail space with a BREEAM certification. It hosts several tenants, among the most prestigious companies in the Czech capital.
The operation marks the first acquisition in Czech Republic by the new Generali Real Estate Core Plus fund, an investment strategy focused on the office sector, targeting high quality assets with medium term value upside and rental reversion thanks to asset management activities. The strategy is looking to deliver a stable income with the potential value upside and it is targeting assets in the main cities across Europe.
The acquisition also testifies the increasing importance that Central and Eastern Europe plays in the Generali portfolio strategy; in the Region, GRE currently manages a portfolio worth around EUR1.22 billion.
Generali Real Estate was advised by Cushman Wakefield, Clifford Chance, PwC and Sentient.