Savills News

Savills Investment Team secures sale of Nagano Park

Savills investment team has completed the sale of Nagano Office Park, Prague, acting for the vendor Red Group, in a disposal to Geosan Development for an undisclosed price.

Nagano Park is a multi-phased modern business park situated in a commercial area of the Prague 3 district, consisting of four offices and a telecommunication building, comprising nearly 24,000 sq m (258,333 sq ft) with tenants from the IT, data analysis and telecommunication sector.

Stuart Jordan, Head of Investment, at Savills Czech and Slovak Republics, says: “At a time when many investors feel that pricing has peaked and that the arbitrage of Prague commercial real estate against other European capital cities has almost disappeared, the depth of interest in Nagano was testament to the value-add that investors are now seeking and also to the proven cash flow that assets such as Nagano, when properly managed, can deliver.”

Savills investment department in the Czech and Slovak Republics was established in autumn 2017 under Stuart Jordan’s leadership. In just over a year the advisory firm has cemented its leading place on the investment advisory scene and is expecting to have closed on 12 transactions by the end of 2018, reflecting approximately €650m of institutional commercial real estate volume.

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