Two City West buildings sold to CMN

Ceskomoravská Nemovitostní (CMN) has completed the acquisition of two office buildings, City West C1 and C2 in the Stodulky district of Prague. In all, they offer more than 25,000 sqm of leasable office space near the D5 motorway and the Prague airport. The vendor was the Luxembourg fund CFH. "We were interested in this project because it fits in with our strategy of investing into office properties occupied by tenants with high quality covenants. It was also important that they are energy efficient buildings – both have LEED Gold certificates," said CMN chairman Radek Stacha. He noted that the acquisition had come almost exactly one year after CMN's acquisition of Crystal and Blox. "The total value of the transaction with CFH was nearly CZK 6bn," he said. Raiffeisen Bank provided financing for the deal. ČMN now manages over 80,000 sqm of assets.