PASSERINVEST Group has sold the Ostrava project Nová Karolina Park

The PASSERINVEST Group concluded a significant transaction, which will evidently be one of the largest real estate deals of the year, with the sale of the Nová Karolina Park office building in the centre of Ostrava. The investment group RT TORAX Group became the new owner.

“In accordance with our long-term strategy, we sold our Ostrava project Nová Karolina Park after completing the leasing. The building was valued by the investment yield corresponding to the quality of the real estate representing a new market benchmark. We’re glad that the RT TORAX group, which has long been operating in the Ostrava region, got this trophy office building,” Ondřej Plocek, the Financial Director of Passerinvest Group, a.s., assessed the sale.

The Ostrava office project Nová Karolina Park had been an important part of the PASSERINVEST Group since 2012. This architecturally exceptional building is located on Ostrava’s main street, 28. října, close to Masarykovo náměstí. It is considered to be a “gateway” to the newly-urbanised neighbourhood, Karolina, in the direction of the historical centre of the city of Ostrava. The Nová Karolina Park building offers a total leasable space of 30,400 m², with 280 underground parking spots. The office and retail space were 95% occupied at the end of 2020. The important tenants that lease these prime and timeless office spaces include, for example, ABB, Verizon, UniCredit Bank, Česká spořitelna, AXA Assistance, Stora Enso, Raiffeisenbank, Hello Bank!, NESS, Brose CZ and Y Soft. The huge advantages of the entire project are its unique location, excellent accessibility and civic amenities in the area. The Forum Nová Karolina shopping-entertainment centre, Rezidence Nová Karolina residential project and Trojhalí sports and cultural centre is in the immediate vicinity of the project.

“We are concentrating on Prague, where our largest projects are located and where we are performing the urban development of BB Centrum in Prague 4 and Nové Roztyly in Prague 11. The successful Nová Karolina Park project in Ostrava was our only project outside of Prague, which we expected could one day be sold at the right time, for an adequate price and to a suitable buyer. And that, praise God, just happened,” stated Radim Passer, the founder and CEO of Passerinvest Group, a.s.

“Ostrava, and especially the area of Nová Karolina, remains the centre of our interest. We are preparing the construction of a high-rise building on the adjacent lot named Slza, which will become a dominant feature of the city and the tallest building in the Czech Republic. Thus, the investment into the Nová Karolina Park project is strategic for us and enables us to develop the locality further and better,” stated Tomáš Häring, Partner & CEO or RT TORAX Group.