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29.9.2004

BUILDING ALPHA AT BB CENTRUM , PRAGUE 4 SALE COMPLETED

Building Alpha at BB Centrum in Prague 4 has been sold by its developer, a PASSERINVEST GROUP company, to a fund managed by INVESCO Real Estate GmbH.
The 11,500 sqm Building Alpha is the most recently completed of PASSERINVEST's BB Centrum buildings and is let to tenants including Microsoft, EDS, Puma, CEZ and British Telecom. It was purchased in August
2004 by INVESCO Real Estate on behalf of its managed fund iii - BVK Europa, a Spezialfonds for the Bayerische Versorgungskammer (BVK), Germany's largest pension fund.
The transaction is significant as it is the eighth building sale by PASSERINVEST GROUP and the first acquisition in Central Europe by a German pension fund using the form of a 'Spezialfonds' structure. It also signals a renewal of their acquisition programme in the region by Invesco Real Estate ( formerly HVB Immobilien Asset Management) following the spin-off of the business from HypoVereinsbank in late 2003.
Ben Maudling of INVESCO Real Estate said 'All parties are delighted with the transaction and the commitment thus demonstrated by such a prestigious international institution as the BVK to the Czech Republic, the Prague office market, the BB Centrum business park and its occupiers'.
Radim Passer, Chairman of the Board, added: "Building Alpha was already the eighth investment programme that we had prepared for investors. Thanks to all the parties involved, the transaction was implemented smoothly and I do believe that this deal will be an asset to BB Centrum too."

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Kristýna Samková

Head of PR and Marketing department

Kamila Žitňáková

Crest Communications a.s.

PASSERINVEST GROUP, a. s.

Passerinvest Group (hereinafter Passerinvest) is a purely Czech builder and investor. The company was founded by Radim Passer back in 1991 and has since then acquired a lot of experience in the construction of office and commercial buildings, residential buildings and civic amenities.
Since 1998, Passerinvest, as a responsible urban developer, has primarily been connected with Brumlovka (BB Centrum) in Prague 4, which is one of the most successful and extensive urban projects not only in the Czech Republic, but throughout all of Europe. Another important project in the company’s portfolio is Nové Roztyly, a brownfield of the former slaughterhouses of the Interlov complex where, in the future, a place with pleasant housing with a large park should arise, complemented by services for the general public and an office function. The principles of urban construction and the long-term sustainable development of Prague and the Czech Republic are part of Passerinvest Group’s vision. Thanks to its responsible approach, Passerinvest has built a very good reputation both on a domestic and on an international level. This is not only to the credit of the quality of the realised projects and the high level of the provided services, but also to the sense of fair play, a customer approach and also its responsibility to the society and the environment.