Lighthouse Holdings s.a., an affiliate (31.6%) of Globe Trade Centre S.A., has sold its 87.5% ownership interest in Lighthouse Vltava waterfront towers s.r.o. to a fund managed by Deka Immobilien GmbH. The transaction was based on a valuation of EUR 76.5 million for the Lighthouse building, representing a yield of 5.65%.
The Lighthouse Building is located on the banks of the Vltava River in the Holešovice Prague 7 District, a few minutes from the city center. The building offers 27,000 sq m NRA and has attracted such renowned tenants as VZP (the Czech health insurance company), DIRECT insurance company, Iscare Clinic, Sixth, Pharmaswiss, Deltax Systems, Konica Minolta, Impact-Corti, LMC and others. The location of the building and the covenants in the lease agreements make the Lighthouse Building a prime investment-grade product in Prague.
Jones Lang LaSalle acted as commercial and marketing adviser for GTC in this transaction.
Globe Trade Centre S.A. is developing in the Czech Republic – together with its partners, Deutsche Bank and BSG Group – a portfolio comprising approx. 500,000 sq m of office, retail and residential space.
At the end of September, GTC Romania sold to a fund managed by IXIS AEW Europe its 100% interest in America House, a Class A office building in a prime location in Bucharest. The valuation of the building was based on a yield of 5.55%.
The transactions in Bucharest and Prague have confirmed the top investment-grade quality of GTC’s assets, as well as indicating further appreciation in value of commercial property in the region.