Property adviser CB Richard Ellis announced that its capital markets team assisted Pfizer in a sale-and-partial-leaseback transaction of the pharmaceutical company's headquarter in Prague 5. The deal was initially signalled in May and the investment volume was not disclosed.

The building, comprising 5,238 m2 of leasable area, is leased to Pfizer and Google. The new owner of the building is Austrian fund IVG Austria (former Hypo Real Invest), which was very active in the Czech investment market last year.

Stuart Bloomfield, head of Capital Markets at CBRE Prague, commented: 'The Pfizer sale-and-leaseback sets another post-crisis record yield for an office transaction. We are extremely pleased to have represented Pfizer in the restructuring of how they occupy real estate in Prague whilst achieving excellent pricing for the property. The purchase represents a secure income with an extremely strong main tenant in one of the most sought after office sub-market districts in Prague.'