Office building Taborska 31
Office building
Taborska 31, Prague | 8.000 sqm
Česká spořitelna Real Estate Fund sells former Hydroprojekt headquarters to new investment group 100 Towers Holding
Prague, 19 February 2018
The Česká spořitelna Real Estate Fund continues to overhaul its portfolio. Most recently it sold the Táborská 31 office building, the former Hydroprojekt headquarters in Nusle, Prague to 100 Towers Holding, a new player in the commercial real estate market.
The new owner plans to continue leasing the building as office space. „We will gradually increase the standard for tenants, and have commissioned an architectural study for a new interior,“ said Karel Konečný, a partner at 100 Towers Holding. „Long-term, we see great potential for the site in connection with the planned metro D station.“
As the new platform is not a real estate fund, instead of share certificates, each investor receives a direct share in the property. The company invests the funds of individual partners in the buildings and itself shares as an investor in each investment. At the same time, the company provides asset management. „Táborská 31 is our third acquisition in the last twelve months,“ Konečný says. „We are looking at doubling our portfolio going forward, and are currently engaged in several acquisitions, both in investment and development.“
By selling this building, the Česká spořitelna Real Estate Fund continues to replace selected properties that have already met their investment potential or no longer meet the requirements of the fund’s current investment strategy. „The sale of the Táborská 31 building will enable us to increase the overall share of premium properties in the fund portfolio while improving the efficiency of the management of individual buildings,“ said Jaromír Kohout, vice-chairman of the board of directors of REICO IS ČS. „Further portfolio optimization will continue to contribute to the positive performance of the Česká spořitelna Real Estate Fund.“
The Táborská 31 office building contains more than 8,000 m2 of rentable office space, and current tenants include the companies SWECO Hydroprojekt, DPD, Lloyds and INVENTI. The building is located in Prague 4 – Nusle in close proximity to the Pražského povstání metro station and one of the most successful commercial districts in Prague.
In 100 Towers Holding, investors‘ funds are managed by long-time players on the investment market Karel Konečný and Daniel Matula, who otherwise head CAPEXUS, which focuses on the design and implementation of office and retail interiors. Among others, CAPEXUS designed the concept of the new Hello bank! by Cetelem, the concept of the corporate banking wing of ČSOB and the Sportisimo office.
Konečný was formerly the investment director of the Czech branch of DTZ, which later merged with Cushman & Wakefield, and he also managed acquisitions at HB Reavis. Matula worked in the investment department of King Sturge (currently JLL) and at Erste Group. Besides Táborská 31, 100 Towers Holding manages an office building in Kovářská Street in Plzen and the former Komerční banka building in Michle, Prague.
For more information – see Hospodářské Noviny, February 21, 2018