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News Release

Prague

The Park acquired by Starwood Capital Group


​Prague, 5 August 2013 — Jones Lang LaSalle represented the buyer, an affiliate of Starwood Capital Group, in the largest transaction in the Czech Republic since 2011.


The Park, comprising 116,000 square meters of leasable area across 12 buildings, is an ideally positioned office park located in Prague’s Chodov district. With construction completed in 2008, the property is currently 99 per cent leased. Current tenants include many well-known multi-national organisations including DHL, IBM, Honeywell, SONY, Accenture and Dell. Starwood plans to retain the original developer and incumbent property manager, AIG/Lincoln. The facility to refinance the property was jointly underwritten by pbb Deutsche Pfandbriefbank and Helaba.


Stuart Jordan, Head of Capital Markets at Jones Lang LaSalle, comments: “Our client was quick to recognise an opportunity in the market where there was a natural disconnect between pricing and asset quality. They were then able to expediently take control and close the transaction, which we believe many people will now regard as being exceptional.”


Starwood were advised additionally by Dentons and PwC on legal and financial aspects respectively.