News

Mint successfully sold Panorama Business Center

CBRE has advised Mint Investments, Central European real estate Investment & Asset manager, in the disposal of Panorama Business Centre. The buyer was REDSIDE, manager of real estate open-ended investment fund NOVA Real Estate (SICAV).

Built in 2000, Panorama Business Center consists of ca. 6,800 sq m of lettable area and 91 parking spaces. Panorama lies opposite the National Museum and one minute walking distance from the top of Wenceslas Square. The Property comprises a well-maintained modern building with eight above ground floors and three underground floors, high technical standard and attractive design. Panorama is certificated with BREEAM In Use Good.

Mint acquired Panorama in 2015 with 42% vacancy and since then they have successfully completed their asset management plan, reaching full occupancy, within one year. Following completion of their re-leasing strategy, the property has an average unexpired lease term of 5 years. For the purchaser, NOVA Real Estate, a fund managed by REDSIDE, this represents a low risk, stable income producing asset which complements previous acquisitions made by the fund over the course of 2015 and 2016.

It has been a pleasure working with both Mint and Redside on this transaction and we are pleased to have concluded this on an off-market basis. This is a great demonstration of the growing importance of locally managed capital operating at different positions on the risk curve.
Chris Sheils, Head of Investment Properties CBRE

There is a reasonable assumption that the total investment volume in 2016 will reach EUR 3 bln, or even exceed this record high volume, coupled with continuing yield compression. The office sector should dominate the market this year with a 40% share of the 2016 investment volume.

About REDSIDE

Investment company REDSIDE investiční společnost, a.s. was founded in 2012 as a joint venture of ASB Group and Arca Capital. The real estate dedicated fund NOVA Real Estate invests into core office and retail assets located in the Czech Republic. Since the inception in August 2015, the fund has acquired nine properties in four distinct transactions worth EUR 170m in total. Besides the real estate fund, its portfolio includes a number of qualified investor funds focused on private equity, renewable energy sources and hotel business. Read more at www.redsidefunds.com.

About MINT

Mint Investments Group, established in 2002, is a partnership that has raised and invested over EUR 250m of equity in Central European real estate projects on behalf of its clients. Among their recent office acquisitions belong Polygon House, Palac Euro-Astra, Factory Office Center. Mint consists of a team of over 55 professionals and offers a fully integrated real estate investment platform covering investment management, development, asset management, and property management, with ultimate goal of generating superior risk adjusted returns for its investors. All partners and leading employees have worked for leading Anglo-Saxon institutions in their home country or abroad. Today, Mint Investments asset manages over 25 assets, representing in excess of 1,000,000 sqm of net usable area across office, retail and residential asset segments. Read more at www.mintgroup.cz.

About CBRE

CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has approximately 70,000 employees and serves real estate owners, investors and occupiers through approximately 400 offices worldwide (excluding affiliates). CBRE offers strategic advice and execution for real estate sale and lease, corporate services, facility and project management, real estate appraisal, development services, investment management and research and consulting. In the Czech Republic, CBRE has almost 400 employees and manages nearly 200 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.