CBRE advises on largest real estate investment transaction in the Czech Republic in 2010

Prague, 22nd December 2010 – CB Richard Ellis today announced that it advised Czech developer Finep on the sale of two office buildings from their “City West” project in Prague to Czech investor CPI for approximately €70 million, in the Czech Republic’s biggest investment deal of 2010 (involving real estate agents).

The assets were completed in January 2010 and comprise 28,820 sq m of lettable office space, with the majority leased to Siemens as their headquarters in the Czech Republic.

The “City West” project is a unique business park and once complete will consist of seven administrative buildings with total size of 100,000 sq m.

Stuart Bloomfield, Head of Capital Markets in the Czech Republic for CB Richard Ellis, commented: “We are delighted to conclude this successful transaction, which demonstrates the continuous improvement in the Czech commercial real estate investment market and is a landmark deal for 2010.”