Skanska sells Visionary office building in Prague to CA Immo

28 June 2018

With the purchase of Visionary office building in Prague, CA Immo and Skanska have successfully signed and closed the second transaction between the two companies in the CEE region in 2018. The gross transaction volume is approx. €68 m.

Visionary is an A-class office building ,completed in April 2018, which has 23,000 sqm of gross leasable area. Located in Prague 7, one of the most dynamically developing districts in Prague, the building is currently around 91% occupied with tenants such as Accenture, Business Link and WMC/ACTUM Digital on an average lease term of more than seven years. During the sales process, CA Immo was advised by Clifford Chance (legal), E&Y (tax, financial) and Obermeyer Helika (technical). Legal advisers for Skanska was Dentons. The transaction was closed when the contract was signed.

After the purchase of Campus 6.1 in Bucharest in April, the Visionary office building is our next step in the expansion of our CEE core portfolio. These two acquisitions jointly lead to a yearly rental increase of up to € 7.9 m. With our strong German development pipeline, which is progressing according to plan, we are well on track to meet our financial goals for this year.

Andreas Quint, CEO of CA Immo

Prague is one of the hottest, most mature and respected investment destinations in the buoyant CEE region. Holešovice district, where we built Visionary, has become a real rising star among office locations in the Czech Republic's capital city. We are planning more developments in this area. This transaction is our second with CA Immo within two months. We are very happy that our business partners have decided to expand their CEE portfolios with Skanska developments.

Katarzyna Zawodna-Bijoch, President and CEO of Skanska’s commercial development business in CEE

Visionary is located along the left bank of the Vltava river in Prague 7. As is the case with Karlín (Prague 8), the Holešovice district is fast becoming a hub of development for new offices and apartments. Visionary is the first completed top modern office project in the immediate vicinity of the Nádraží Holešovice subway and train station.

The building is expected to receive LEED Platinum and WELL Core & Shell certifications (first in the Czech Republic), which monitors factors that affect people's health and wellbeing (e.g. quality of air, water and access to a source of light) and focuses on personal comfort, access to healthy food and the effect of buildings on physical and mental health.

The common areas and retail spaces of the building offer a range of services not only to its tenants but also to the local community. The building comes with a garden, and people will have access to amenities such as a multifunctional sports area. In addition, many other services are directly located in the building, such as a doctor‘s clinic, pharmacy, kindergarten, a restaurant and a self-service laundry; a running track is also provided on the rooftop. Moreover, shared e-car and bike facilities are available for tenants. A mobile app connects all the services in the building and its surrounding area.

Skanska

Skanska is one of the leading development and construction companies in Europe. Outside the Nordics, the company has European operations in building construction and civil engineering in Poland, Czech Republic & Slovakia and UK. Skanska develops commercial properties in selected home markets in Poland, Czech Republic, Romania and Hungary, while the residential development is active in Prague and Warsaw. Skanska also offers services in public-private partnerships. In 2017, Skanska had sales of SEK 37 billion and about 16,000 employees in its European operations.

More information can be found at: www.skanska.com/property

About CA Immo

CA Immo specialises in office properties in Central European capitals. The company was founded in 1987 and operates today in the core markets of Austria, Germany, Poland, Hungary, Czech Republic and Romania. CA Immo is listed on the Vienna Stock Exchange and included in the ATX index and holds property assets of around € 3.8 billion.

CA Immo in Prague

The Prague asset portfolio, which accounted for approximately 7% of the total portfolio of CA Immo as at 31 March 2018, consists of four office buildings, including the River City Prague properties Danube House, Amazon Court and Nile House. The book value of the investment portfolio comprising around 106,100 sqm was approximately € 267 m as at 31 March 2018, the occupancy rate stood at 98%.