KGAL acquires office and retail asset in central Prague
Investment and asset manager KGAL Investment Management has acquired the mixed-use Charles Square Center in Prague on behalf of a pan-European fund.
Commerz Real sold the asset for an undisclosed sum. The city centre property has almost 20,000 sq m of leasable space.
“Prague, with its 1.3 million inhabitants, has developed into a sought-after location for globally active corporations,” said André Zucker, head of real estate, KGAL Investment Management. “The Charles Square Center’s broad tenant diversification was a deciding factor for this acquisition.”
The Charles Square Center includes Cisco Systems, Dior, Raiffeisenbank and Commerzbank, as well as medical service providers among its tenants. Offices comprise 14,000 sq m of the space but the building also has a day clinic and a medical research facility as well as a supermarket, various shops, restaurants and a fitness studio.
Built in 2002 the building has been certified as sustainable in accordance with BREEAM standards.
“The Charles Square Center is our second real estate investment in Prague and it offers us the possibility to participate in the city’s economic potential,” said Zucker.