Portland Trust and its long-term joint-venture partner ARES Management have completed the acquisition of the Office Park Nové Butovice in Prague. The seller was CEE Property Development Portfolio 2. The transaction’s value is EUR 65m. The total floor area is 36,000 m2. Portland Trust is planning to renovate the acquired premises with a target rent value of EUR 13/m2 and to rename the complex to Coral Office Park.
Source: www.cianews.cz
