Successful disposal – A7 Office Center (Czech Republic)
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Revetas announces its second disposal from Revetas Capital Fund II
Prague, 28 January 2019 – Revetas announces the successful disposal of the A7 Office Center, a mixed-use building in Prague, Czech Republic by Revetas Capital Fund II (“Revetas Fund II”). The asset, with a total GLA of c. 16,000 sqm, is located in the up-and-coming Holešovice neighbourhood and is a landmark redevelopment of the oldest brewery in Prague following an architectural concept developed by the renowned French architect Jean Nouvel. The A7 Office Center was acquired by Conseq Group, one of the leading independent Czech investment managers. Terms of the transaction were not disclosed.
Commenting on today’s announcement, Eric Assimakopoulos, Managing Partner at Revetas, said, “During the three years of our ownership, we have exceeded our financial target and fully achieved our objective by transforming the A7 Office Center into a fully leased, stable and cash generating asset. The successful sale to one of the leading Czech investment managers highlights not only the growing appetite of local market participants for high-quality assets, but further illustrates the robust and sustainable liquidity prevailing in the region. We are proud of the positive impact we had on this very special property, its tenants and the local community. “
Jan Vedral, Chairman of the Board of Directors at Conseq, said: “The acquisition of the A7 Office Centre dovetails neatly with the Conseq Real Estate Fund strategy, which aims to create a broad portfolio of real estate that will generate stable income for our shareholders. Our goal is for real estate accommodating retail, industry, logistics and, not least, office buildings to be represented equally in the portfolio. While our investments in retail and industrial properties have been successful in the past few years, we have been searching for an office building that would resonate with our ideas of location, technical quality, tenant quality, and the level of the generated yield. We are pleased that we have managed to acquire an asset meeting all of our criteria. Apart from the fact that this real estate is situated in Holesovice, a Prague district that we believe offers tremendous development potential , it is a complex whose sensitive renovation and completion has created a unique multi-purpose facility that is beautiful and has the right “genius loci” . “
Revetas Fund II initially acquired the A7 Office Center together with a co-investor in late 2015 as part of Project Cup, a portfolio acquisition comprising four assets located in Poland, the Czech Republic and Slovenia.
About Revetas
Revetas is a real estate investment advisor executing a specialised strategy targeting distressed, undervalued, value-add and opportunistic assets in Central and Eastern Europe (‘CEE’). The firrn was founded in 2012 and is led by Managing Partner Eric Assimakopoulos together with his senior management team, who have been operating in the region for over 16 years. The business operates from London, Vienna and Luxembourg.
Revetas manages and invests capital on behalf of a global investor base comprising institutional investors, endowment funds, pension funds and ultra-high net worth individuals. It targets well located real estate assets with the potential to benefit from active asset management initiatives and additional capital investment. Revetas focuses on commercial property, including office, retail, hospitality and logistics, as well as residential assets.
About Conseq Group
Conseq is an investment manager with 25 years’ history on the Czech market. Besides managing institutional portfolios, it also has 19 years’ experience of investment fund management and administration, along with the provision of further services to retail and institutional investors. Conseq has a significant market share in these areas, having gained the trust of more than 400,000 clients. With assets of over CZK 60 billion under its management (according to the Czech Capital Market Association), the Conseq Group is the largest independent investment manager in the Czech Republic.
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