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CZECH REPUBLIC S Immo adds offices and hotel to portfolio

Investment & finance
Austrian real estate investor S Immo has completed the acquisition of three office buildings and a hotel in the Czech Republic from its majority shareholder CPI Property Group.

The assets include the Mayhouse and Luxembourg Plaza office building in Prague, the Courtyard by Marriott Prague City hotel and Zet.Office in Brno. The four assets have a total value of EUR 167.7 mln and generate annual income of close to EUR 8.4 mln.

Zet.Office in Brno is an industrial-to-office conversion that was completed in 2019 and comprises 20,000 sqm gla with an annual rental income of EUR 2.4 mln. The building serves as the headquarters for Czech start-up Kiwi.com. Mayhouse, which was built in 2019, is located close to Pankrác district and contains 8,000 sqm and has a rental income of EUR 1.2 mln per year. Luxembourg Plaza, which is leased to such international as ExxonMobil, comprises 23,300 sqm and generates annual rental income of EUR 3.7 mln. It shares the same building as the Courtyard by Marriott Prague City hotel, which offers 161 rooms and is expected to generate income of app. EUR 1.1 mln this year.

We are happy to announce the further expansion of our office portfolio in the Czech Republic, which will contribute substantially to our future rental income. In addition, our hotel segment has been developing favourably since the pandemic and should continue contributing positively to our financial performance in 2023.
Herwig Teufelsdorfer, a member of S Immo’s management board

The transaction is classified as a related party transaction, as CPI Property Group has since last year held an 88.4 pct stake in S Immo.

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