Avenir Park Sold01.06.2021
The 25,600 sqm business park located in Prague 5 was acquired in June 2017 with almost 50% vacancy and extremely short unexpired term. The investors completed successful turnaround that included new leases and lease renewals with total area of 23,000 sqm, €4 million investment to both common and tenant areas as well as BREEAM certification.
The project hosts mix of prominent occupiers such as Porsche, Porsche Engineering, McDonald’s, Conduent, ČSOB (KBC Group), ING Bank, Dermacol and Coloplast.
The Seller was advised by Clifford Chance.
Lukáš Schirl, Partner at Mint Investments, said: “The project – through its entire investment cycle – from the moment of acquisition with low occupancy and short lease term – gave us an opportunity to utilise abilities and knowledge of Mint Investments combining asset management, leasing, project and property management services and to complete successful turnaround and repositioning. We are very proud of being part – together with Tristan Capital Partners – of this successful investment.”