02/11/2021
Revetas Capital announces the successful disposal of the remaining assets of Revetas Capital Fund II’s Project Papa office portfolio in Prague, Czech Republic, bringing the total transaction value to over EUR 100 million. BBC Vila had previously been sold to PASSERINVEST Group, while three remaining buildings of ca. 33,000 sqm GLA in Karlin neighbourhood of Prague’s 8th district and were recently acquired by local real estate group Českomoravská Nemovitostní a.s. (“ČMN”). Read full news here https://lnkd.in/ejhebAvR
Eric Assimakopoulos, Founding Partner at Revetas, comments: “This transaction not only validates Revetas’ value creation strategy, but also the robust liquidity in our target region driven by the strong appetite of domestic investors. During our ownership, we made significant investments towards improving the quality and sustainability profile of the assets, most notably the full refurbishment of Apeiron including a new energy efficient façade, cooling systems, common areas and entrances. We continue to be focused on investing in the Czech Republic and are looking for projects and local partners to invest with.”
Robert Gouge, Principal at Revetas Capital added, “Having added significant value, also increasing the NOI and WAULT of the portfolio, we have fulfilled our investment goals with this transaction. Despite the complexity of the portfolio with close to 100 tenants and the challenges and volume of work associated with a transaction of this size, the sales process was finalized with both parties leaving the table with a story of success for their investors”
