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”.