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21.05.2007

Hannover sets benchmark yield with Palladium deal


Purchase of Prague mixed-use development sets record for Central Europe

The largest-ever single asset transaction in Central Europe has set a new benchmark yield for prime real estate in the region. German closed-end fund manager Hannover Leasing has paid around 500m for the Palladium in Prague, the Czech Republic's largest central shop and office project.The vendor refused to disclose the yield but local sources estimate it to to be around 5.25%, and some say lower. Jones Lang LaSalle capital markets director in Prague, Justin Crawley, said: "The deal will set a new record for Central Europe."

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Link to original article: http://www.accessmylibrary.com/coms2/summary_0286-31311236_ITM