According to CTK, Immoeast acquired 3 office buildings in Prague’s BB Centrum, Czech Republic for EUR 160m, with total rentable space of 73,000 sqm. All three buildings are fully leased including renowned international companies.
BB Centrum doesn’t have prime location, however it is in growing office district towards the south from the city center with rents around EUR 14-15/sqm/month. Prague office vacancy rates as at end of 2006 are expected to fall below 11%. The acquisition price per sqm of modern office space reached EUR 2,200 which is in-line with other similar transaction in the region. These ranges from EUR 2,000 to EUR 2,500 per sqm. Immoeast activities in Czech Republic account for approx. 15% of all lettable space in portfolio and company is expected to further increase its presence there.