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PRAGUE-Austria’s stock exchange listed Sparkassen Immobilien has sold Gemini, a commercial and office building in Prague’s Fourth District, Pankrác, to Deka Immobilien. On full occupancy the purchase price amounts to some €110 million.

Gemini, the most successful project in SI’s history, was completed last year, and is a modern property with 40,000 square meters of leasable space situated in one of the best established locations close to the centre of Prague. “The Gemini Project has been a success story–from its very beginnings right up to today’s sale,” said Board Member Holger Schmidtmayr. “Despite the challenging business environment, we were successful in completing this development project on schedule, and in attracting top tenants to it. This transaction is far and away the largest deal in Prague this year, and the most successful development project to date in Sparkassen Immobilien’s 22-year history.”

Gemini is currently let to 29 Czech and international companies–the three largest of which are Hill’s Pet, Unipetrol and Novartis. It has been bought for Deka-Immobilien Europa, Germany’s largest open-end property fund with a portfolio valued at more than €10 billion.

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