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Credit: KGAL GmbH & Co. KG

KGAL acquires Charles Square Center in Prague

KGAL has acquired the Charles Square Center in Prague with retail, office space, gastronomy, and healthcare for a pan-European special AIF. The downtown retail and office complex with a total of nearly 20,000 sq m of leasable space has a number of international tenants. The seller of the property was Commerz Real.

“Charles Square Center is our second investment in Prague. It offers us the opportunity to participate in the economic dynamism of the metropolis,” explains André Zücker, Managing Director of KGAL Investment Management and responsible for the Real Estate division. “The city with its 1.3 million inhabitants has developed into a sought-after location for globally active corporations. The broad diversification among tenants was another purchase argument for us.”

The center’s tenants include Cisco Systems, Dior, Raiffeisenbank, and Commerzbank as well as medical service providers. The Charles Square Center is located directly at a metro station, and six bus and twelve streetcar lines stop right next to the building. The building also has 150 underground parking spaces for cars.

The multi-tenant property is almost fully leased. At 14,000 sq m retail outlets (supermarket, drugstore, office supplies, etc.), catering outlets, office spaces, and a fitness studio complete the wide-ranging mix of uses. Built in 2002, the property has sustainability certification according to the BREEAM standard.