Alt Investments

Irish Wealth Manager Profits in Prague

Jason Corcoran 17 September 2007

Irish Wealth Manager Profits in Prague

Irish investment firm Quinlan Private has netted a €34 million ($47 million) profit from the sale of the Charles Square Centre office and retail complex in Prague to German property group Commerz Grundbesitz. Quinlan has agreed to sell the building to hausInvest, Commerz Grundbesitz's public property fund, for about €90 million. It originally bought the building for about €56 million in 2003. The Charles Square Centre is located in downtown Prague and forms part of the city's business area. The building consists of nine storeys designed around a central atrium. It is almost fully-leased and it comprises 20,000 square metres of rentable area, including 15,000 square metres of office accommodation and 5,000 square metres of retail space. In a statement, Peter Donnelly, a partner at Quinlan, said: "The sale of the CSC demonstrates Quinlan Private's continuing ability to identify high quality, low risk opportunities in Central and Eastern Europe. In a short time, Quinlan Private has successfully executed an asset and lease management strategy and disposed of the property delivering attractive returns for our investor group." Quinlan has also separately agreed to buy Eircom's telecoms network management centre in West Dublin for €40 million. The wealth management company agreed a sale and leaseback deal for the premises, and the purchase price equates to a yield of around 4.5 per cent.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes