GLL Real Estate Partners has bought Praha City Center, a prime office building in Prague as well as Park Atrium in Budapest and the first phase of the Nepliget Center in the same city for its European Accession fund.
The vehicle, managed by GLL, which in turn is owned by the firm's management and the Generali insurance group, agreed to €141.5 million of acquisition finanicng from Hypo Real Estate, according to a statement from the bank.
Praha City Center is a seven story multi-tenanted office building with approximately 18,700 square meters of rentable office space. Park Atrium is an office building with 25,900 square meters of net rentable area in Budapest VI while Nepliget Center is an office park which will ultimately consist of three office buildings with a slightly less amount of rentable area in Budapest IX.
GLL's Accession fund is focussed on acquiring core property in Central and Eastern Europe. The vehicle's chairman is Gerd Kremer, who doubles as managing partner of GLL.