Karlín sells Keystone to GLL

Just over a year after construction began on the 6,500 sqm office building, Serge Borenstein’s Karlín Group has sold it to a German fund

novým majitelem administrativní budovy Keystone se stane německý fond GLL. foto: © KeystoneČeská pozice

novým majitelem administrativní budovy Keystone se stane německý fond GLL.

Belgian real estate developer Serge Borenstein’s Karlín Real Estate Group has sold the Keystone office building in Prague 8–Karlín to German real estate fund GLL Real Estate Partners for an undisclosed sum. GLL’s interest in the property was reported in Czech Position last year at an estimated acquisition price of Kč 550 million.

Construction of the building began March 2010 and is due to be completed November 2011. Keystone will comprise  6,500 sqm of office and commercial space along with an additional 850 sqm of retail space. There will also be three subbasements containing 87 parking places. Construction is being carried out by Průmstav at an estimated cost of Kč 300 million. The building was designed by Swiss architects EM2N.

Prague-based Průmstav is a member of Vinci Construction Group, as is SMP Construction, which had already leased the entire administrative part of the office building before construction started.

The Karlín Group carried out the Keystone project in association with one of its investment partners, Swiss-based Cornerstone. Salans and Strategic Property Investments acted as advisors for GLL, while Czech law firm Rutland Ježek advised the Karlín Group.