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Peakside acquires next office property in Prague

Peakside Capital completed the acquisition of Argo Alpha, an office property comprising 12,600 sqm of GLA, located in Prague, the Czech Republic.

The property completed in 2008 is an A-class office building occupied by a number of reputable tenants representing, amongst others, firms active in the pharmaceutical, transportation and electronics sectors.

Peakside purchased Argo Alpha on behalf of a separate account client from MOF Immo and Credo Real Estate, Austrian development and investment companies. This acquisition is the third investment by Peakside in the Czech Republic, following the take-over of a portfolio of 72 retail assets in January 2015 and the acquisition of the Cube - office property located in Prague - in June 2016.

The purchaser in the transaction process was advised by law firm BNT, financial & tax company ASB and technical advisors from Sentient. The sellers were represented by legal advisors from Dentons and CBRE real estate consultants.

Michał Nawrot, Associate in Peakside’s Warsaw office, commented: “Argo is our third Czech investment completed over the last two years, which clearly demonstrates our confidence in this market. The transaction was closed within less than 3 months from signing the LOI, which again confirms that Peakside can act decisively, as well as, prudently and as a result provide certainty of execution to sellers, if the targeted project meets our investment criteria”.

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