On November 2, 2021, Revetas has announced the successful disposal of the remaining assets of the Revetas Capital Fund II’s Project Papa office portfolio in Prague, Czech Republic. According to Revetas, this brings the total transaction value to over EUR 100 million.
One of the four assets initially comprised in the portfolio, BBC Vila, had previously been sold to the Passerinvest Group. The three remaining buildings are located in close proximity of each other in the Karlin neighborhood of Prague’s eighth district and were acquired by local real estate group Ceskomoravska Nemovitostni.
Of the three buildings, one was the Corso Karlin building, initially built as an industry hall in 1890 and was subsequently repurposed to office use by architects Ricardo Bofill Levi and Jean Pierre Carniaux. The two other assets, Apeiron and Zirkon, were designed by the Czech architect Vaclav Aulicky.
“This transaction not only validates Revetas’ value creation strategy but also the robust liquidity in our target region driven by the strong appetite of domestic investors,” commented Revetas Founding Partner Eric Assimakopoulos. “During our ownership, we made significant investments towards improving the quality and sustainability profile of the assets, most notably the full refurbishment of Apeiron including a new energy-efficient facade, cooling systems, common areas, and entrances.”
CMS advised Revetas on the deal.