A fund managed by US-based global alternative investment manager Ares Management Corporation and local partner Portland Trust have sold the Coral Office Park in Prague to Mint Investments for an undisclosed amount.
The four independent office buildings totalling almost 35,300 m2 form a prominent, institutional grade business park in an established office location of Prague 5. It also includes a fitness centre, a nursery and a kindergarten, facilities for cyclists and a new extended restaurant. In 2021, Coral Office Park became the first office park in the Czech Republic to obtain the Well Health-Safety Rating. International tenants include Cofidis, Regus, Škoda Transportation, LeasePlan and The Kuehne + Nagel Group.
Robert Neale, managing director of Portland Trust, commented: ‘The disposal marks a successful conclusion to our business plan. Since acquisition, we have undertaken a systematic upgrade and modernisation of the entire business park resulting in almost full occupancy, whilst adding a raft of “prop-tech” amenities and well-being initiatives essential to attract and retain tenants.’
Sebastien Dejanowski, Mint Investments, added: ‘After a number of years, we are returning to Coral Office Park, this time not only as an asset manager, but also as the proud owners. We see a continued opportunity in this acquisition to yet again deliver exceptional returns to our private investors, further improving this landmark office park in a key office location.’
Stuart Jordan, managing director of Savills which brokered the deal, commented: ‘The transaction confirms continued strong interest in the office sector in Prague from investors, whereby the occupational outlook remains positive. The amenity offers of the asset alongside its WELL Certification ensured that post lockdown periods, occupancy bounced to pre-pandemic levels exceptionally quickly.’