Back

Corso Karlin

Prague, Czech Republic
Go To Project Website

About the project

 

Corso Karlin is a stylish office building with a total GLA of 9,339 sqm, located in the Karlin neighbourhood of Prague’s 8th district, Czech Republic. The complex offers inspiring office space created by combining industrial design with a modern office building. Designed by architect R. Bofill, the building has 4 floors and offers 148 parking spaces.

Karlín can be easily reached either by car or public transport. The tram stations Křižíkova and Karlínské náměstí are located close to the building, and trams regularly run from there to the city center, Libeň, Vysočany, and other urban areas. The Křižíkova metro station is also within walking distance, as well as the Florenc metro station and tram stop, which also serves as a central station for intercity and international bus lines. Additionally, Karlín boasts a great infrastructure of cycle paths that connect the entire area with the surrounding districts, making it easily accessible by bike.

The acquisition of the Corso Karlin office building was completed in April 2017 by Revetas Capital Fund II LP as part of Project Papa, which comprises four office assets in Prague. The investment was acquired from a global real estate investment company. As part of the transaction, Revetas successfully refinanced and acquired the existing debt facility from a subsidiary of a global private equity firm and a German institutional bank. Revetas has secured financing from a large Austrian bank.

The Papa portfolio of 4 assets (BBC Villas, Corso Karlin, Zirkon and Apeiron office buildings) represents a total gross leasable area of 40,302 sqm and features 960 sqm of retail space and nearly 700 parking spaces in addition to 37,504 sqm of office space.

As part of the restructuring, Revetas took over the asset management of the portfolio prior to closing, enabling a de-risking of the transaction prior to investment, preparing the portfolio for the continuation of the lease-up strategy and the implementation of the planned capital expenditure program.

Revetas has once again proven its ability to maintain the balance between each project phase and keep positive communication with all stakeholders. The asset management initiatives implemented prior to closing transformed the portfolio into an institutional-grade investment before completion of the transaction and contributed to delivering outstanding performance to investors and tenants.

In October 2021, Revetas completed the successful disposal of the remaining assets of Revetas Capital Fund II’s Project Papa office portfolio, bringing the total transaction value of the portfolio to over EUR 100 million. BBC Vila was previously sold to Passerinvest Group. The three remaining assets, the Corso Karlin, Apeiron and Zirkon office buildings, with a total GLA of ca. 33,000 sqm, located in close proximity to each other in the Karlin neighbourhood, were acquired by the local real estate group Českomoravská Nemovitostní (“ČMN”).

Location

Křižíkova 237/36A, 186 00 Karlín, Czech Republic