One of the biggest transactions on the real estate market. ČMN buys buildings for over 2 billion

One of the biggest transactions on the real estate market. ČMN buys buildings for over 2 billion

Českomoravská Nemovitostní (ČMN), a Czech real estate group, has completed the purchase of two office buildings CITY WEST C1 and C2 in the Prague district of Stodůlky. The buildings have been purchased from CFH, a Luxembourg-based financial holding, for about CZK 2 billion.

The original office buildings C1 and C2 are located in a modern area in the Prague district of Stodůlky, near the eponymous metro station. It is more than 25,000 sq. m of leasable space, which is a part of the CITY WEST office centre. The whole location is very easily accessible: D5 motorway, the Prague Circuit and the Prague Airport are all near. The building provides more than 2,000 workplaces.

ČMN already administers more than 80,000 sq. m

“One of the reasons we have been interested in this project is that it perfectly fits into our strategy of investing into real estate with high-quality tenants. An important factor has also been the fact that both buildings are highly energy-efficient, with LEED Gold certificates. Exactly after a year, we managed to complete the planned acquisition of all three buildings from the Luxembourg-based fund CFH. After the acquisition of Crystal Prague-Vinohrady and Blox in Prague-Dejvice, we have now extended our portfolio by the headquarters of Vodafone and other major companies. The total value of the transaction with CFH exceeds almost CZK 6 billion,” said Radek Stacha, ČMN’s chairman of the board, adding: “Despite some slowdown due to the Covid-19 crisis, we have managed to close the deal relatively quickly. The financing bank is Austrian Raiffeisenbank.” 

Thanks to this transaction, the portfolio administered by the ČMN real estate group reaches more than 80,000 sq. m. The group controls over 2 percent of the total office space in Prague.

Vodafone Headquarters and CGI IT Czech Republic

Designed by AHK architekti, these state-of-the-art intelligent buildings were constructed in 2014. It is highly energy-efficient and environmentally friendly. Both buildings were one of the first office buildings in the Czech Republic to be awarded with the LEED Gold certificate. Since 2015, the C1 has served as the headquarters of Vodafone Czech Republic. The tenants of C2 include CGI IT Czech Republic, Aevi CZ and CEMEX Czech Republic.