The sale was executed on behalf of a separate account mandate managed by Invesco Real Estate’s for long-standing client Bayerische Versorgungskammer (BVK), Germany’s largest pension group under public law. BVK is currently Invesco Real Estate’s largest separate account in Europe. 

Located in the Namesti republiky, one of the main squares in the historical centre of Prague, Stara Celnice’s 11,400 sqm GLA is split two thirds into a prime, fully let office space and one third into a dedicated retail offering. The property was fully refurbished in 2002 and acquired by Invesco Real Estate in 2013. 

Invesco Real Estate has renovated the office component, invested around EUR8 million in capex to turn it into a best-in-class asset. 

Tomas Picha, Senior Director – Transactions, Central & Eastern Europe, Invesco Real Estate, said: “We have made this strategic exit at a time when there is robust demand from local Czech investors for core mixed used assets, particularly as these types of high-quality buildings rarely appear on the market. As such, we have been able to exit at a premium. Given our success here, we are also keen to further grow our investments in Prague and continue to explore new opportunities in this dynamic market.”

You can now read the full press release at the link below