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Prague, 5.12.2007 – One of the most prominent Prague developers, Real Estate Karlín Group, recently completed the forward sale of Corso IIA and IIB office buildings. The buildings were acquired by the Irish investment partnership DUKE House Asset Managers together with a leading Irish financial institution. At the moment of the deal leases of office premises had been pre-contracted for ca 5.000 m2.
The sale of CORSO IIA and B constitutes a significant institutional investment event confirming the continuously growing interest in investment opportunities at the Prague office premises market, particularly in the area of Karlín. By the way, the first important investment transaction in Prague was executed in 1998 in Karlín, specifically the sale of Mediatel building in Thámova street to HVB Bank Investment Fund. Mediatel Building is another project realized by REKG.
DUKE House
Duke House Asset Managers is an Irish real estate and investment partnership focused on acquisitions, development and re-development of commercial properties in Ireland, Great Britain, Baltic markets and Central and Eastern Europe. “On behalf of the partners, Duke House is delighted to be working with Karlin Real Estate Group on our first entry into the Czech property market. We believe Karlin will deliver landmark buildings for Prague which will attract national and international blue-chip tenants. says Robert Neill, DUKE House partner. The acquisition of Corso IIA and B buildings is the first accomplished transaction of Duke House Asset Managers in the Czech Republic.
The sale was mediated by Colliers International as an agent representing the –Buyer – Duke House. “The negotiations were quite time-demanding and long-run. By its structure it is a completely innovative type of sale,“ says Brent Watkins, an Investment director of Colliers International.
Currently Karlín is one of the most demanded and most quickly and successfully developing Prague quarters with top quality office and residential projects. According to Milorad Miškovič Miško, commercial director of REKG, “Industrial production was closed here in the 90’s and many buildings lost their original purpose. This opened the way to new urban, architectonic and financial investments, particularly in buildings and lands, which upon the gradual development of Prague acquired a very attractive position with respect to the city centre.“
CORSO IIa
The Corso IIA and B buildings form a part of the CORSO IIA, B, C office park, constituting in total approximately 45 000 m² of net area.
All buildings in the Corso II development meet the highest quality, environmental and efficiency demands. The area is generously bordered with trees and greenery and creates harmonious, relaxing and healthy work environment. Corso II, just as its successful predecessors, Palác Karlín and Corso Karlín, is a result of cooperation with a renowned TALLER DE ARQUITECTURA studio of the architect Ricardo Bofill.
Milorad Miškovič Miško evaluates the professional architectonic cooperation: “Upon renovation developments we have always cooperated only with top architects, Czech and International, involved in renovations. We do not regret higher investments logically resulting from such cooperation, because projects unique from the architectonic point of view sell better. It is a question of prestige to live and work in such buildings, and the clients are wiling to pay for that. It is a worldwide trend“
The Corso IIA development commenced in January 2007 and its completion is planned for September 2008. CORSO IIA itself will bring in total 13 000 m2 of office area and 140 underground parking lots. The construction of the second phase, CORSO IIB, shall start in mid-2008, offering additional 18 000 m2 + 302 parking lots. The last building of the triplets, CORSO IIC, should be constructed within 5 years. After completion of the entire huge project a new pedestrian zone will be opened between Křižíkova and Pernerova streets.
The general contractor of the Corso IIA project is Metrostav, a.s., divize 9. The project is financed by Česká spořitelna. Project Manager is MDA Praha.
REAL ESTATE KARLÍN GROUP is the most important investor in the Karlín area and one of the premier Prague investors in general. It owns a substantial amount of lands allover Prague, where it plans to develop more than 500 000 m2 of residential and office areas.
REKG’s projects use the unique genius loci, still reminding the flourishing industrial boom of this Prague quarter. Top quality and remarkable architecture constitute other reasons for the success of the projects of River Diamond, Kollárova 14, Palác Karlín, Corso Karlín or Kotelna, currently the most significant developments in this part of the town. At present REKG is involved mostly in a unique development project of River Gardens, a vast residential, commercial and leisure zone on the banks of the Vltava with an area of more than 130 000 m2.
Communion:
- Rooney & Bennett agency, Jana Pokorná, Daniela Pavlíková +420 222 242 303
- REKG – Palác Karlín Thámova 11, 186 00 Praha 8, tel: +420 266 727 611, fax +420 266 727 676, mail info@karlin.cz, milorad.misko.miskovic@karlin.cz
