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News Release

Prague

HB Reavis sold a prominent office building Metronom in Nové Butovice

HB Reavis, one of the three largest office space developers in the European Union, sold the Metronom Business Center project in Prague 5.


HB Reavis, one of the three largest office space developers in the European Union, sold the Metronom Business Center project in Prague 5. JLL Advisory team of consultants represented HB Reavis when selling this unique office building with a total area of approximately 34,000 sqm.

 

"The Metronome Business Center has been an exceptional investment opportunity within the Central European market, especially thanks to its location directly on the metro, the technical qualities of the building and strong mix of tenants. The rental conditions of these tenants bring the new owner a long-term, stable income. Thanks to a new future infrastructure, Radlická radiála, we expect further strengthening of Nové Butovice as a sought-after office location," says Hana Kollmannová, Associate Director at JLL Czech Republic and sell-side advisor in the Metronom transaction.

 

Metronom Business Center was built to the highest standards only recently, in 2015. It is distinguished by its modern architecture and consists of three interconnected towers. Apart from offices, it also offers storage and retail spaces, terraces, and parking. The building is located in one of Prague's most desirable business locations, where many major businesses have centralized in recent years and where third highest demand was recorded in 2017.

 

At the moment, the office building is almost fully leased, and its premises are used by exclusive tenants. Among the largest, we can name the SAP shared services center, which occupies more than three-quarters of the building, the BMW car company and the AbbVie pharmaceutical company. All three of the tenants were nominated in the Fortune 500 ranking by magazine Fortune. The unique mix of tenants together with BREEAM certification further enhances the value of this project.

 

Metronom Business Center benefits from direct access to the metro station and is easily accessible by car and public transport due to its strong surrounding infrastructure. It is just 15 minutes from the Prague's city center and 12 minutes from Václav Havel's Airport. The combination of these factors is what makes Metronom such an attractive investment opportunity throughout the CEE region and why REICO, Česká spořitelna investment company decided to buy this unique building on the ČS account of the real estate fund it manages.