Large Complexes of Buildings Bought by Cimex from Skanska

Date: 10.2.2008
The Cimex investment group has greatly enlarged its portfolio of real estate. From Skanska, a construction and development company, it has bought two complexes of office buildings in Prague. The value of the buildings is almost 750,000,000 Czech crowns and their total area is 23,000 m2. These objects, located in Kubánské Square and Perucká Street, had long been residence to the management of Skanska and most of their 1,200 employees. Skanska will stay there for about one more year, leasing the buildings from the new owner. The exact purchase price has not been made public by either part of the transaction.

Not long ago, both complexes went through a large reconstruction. „We consider the transaction a strategic investment. It is a high-quality real estate that meets all the requirements for modern offices. We plan to turn this interesting part of Prague into a new business center, which would be attractive as headquarters for important companies. The rooms will be available for tenants in early 2009,“ said Miroslav Příkop, director general of the CIMEX INVEST joint-stock company. According to him, Cimex has thus made a step forward to achieving its goal – to double its portfolio of office area in the next few years.

Skanska, too, considers selling the buildings to be a strategic transaction. In late 2008 or early 2009, the company will move into leased rooms in modern office buildings in Opatov, Prague.

Over the last few years, the Cimex concern keeps rising in the field of office buildings. In the years to come, it plans to invest about five billion Czech crowns into purchasing this type of real estate. The accomplished deal with Skanska is the first step in fulfilling this investment strategy.