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IVG Austria buys old Pfizer building

Austrian real estate investors make fourth Prague real estate deal for its Luxembourg-based fund HRI Immobilienfonds Nr.1

Real Estate investor IVG Austria has purchased a Class A office building in Prague 5–Smíchov, formerly owned by pharmaceutical company Pfizer, for an undisclosed price. The deal is a sale and lease back transaction in which Pfizer will remain a tenant at the Stroupežnického 17 address along with Internet search company Google.

Acquired for IVG’s Luxembourg-based subsidiary HRI Immobilienfonds Nr.1, the purchase is the company’s fourth transaction in Prague following Vyšehrad Victoria, Anděl 16 and Avenir Business Park E. The previous transactions were carried out by the former Hypo Real Invest, whose shares were acquired by Germany’s IVG Immobilien in January 2011.

“Again an attractive investment with a strong leasing profile in the well-established commercial district of Smíchov-Anděl with historically strong occupation demand, low vacancy and limited future supply,” IVG Austria said in a press release. “The property is well-suited for our fund and complements the existing buildings in our portfolio.”

The six-level building was completed in 2005 and comprises 5,238 sqm of leasable area. Property consultant Jones Lang LaSalle advised IVG Austria on the transaction’s commercial aspects.