Starwood Capital Group Acquires Office Park in Czech Republic

GREENWICH, Connecticut and PRAGUE, July 22, 2013 /PRNewswire/ -- Starwood Capital Group, a leading private investment firm, announced today that an affiliate of the firm has acquired The Park, a Class A office park in Prague, Czech Republic.  The Park was purchased from Aberdeen Asset Management Deutschland AG.  Terms of the transaction were not disclosed.

The Park, comprising 116,000 square meters of leasable area across 12 buildings, is an ideally positioned office park located in Prague's Chodov district.  With construction completed in 2008, the property is currently 99 percent leased. Current tenants include many well-known multi-national organisations including DHL, IBM, Honeywell, SONY, Accenture and Dell.  Starwood plans to retain the original developer and incumbent property manager, AIG/Lincoln. The facility to refinance the property was jointly underwritten by pbb Deutsche Pfandbriefbank and Helaba.

"We are pleased to be acquiring such a premier, well-performing property in one of the most vibrant economic regions in Europe. This transaction fits perfectly in line with our previously announced goal of increasing single asset transactions with solid cash-on-cash returns at a discount to replacement costs as we look to grow our European presence," said Jeff Dishner, Senior Managing Director at Starwood Capital Group.  "The Park is a trophy asset with a world-class management team and high credit quality tenants, and we look forward to building on its strong track record of success going forward."

Starwood received legal advice from Dentons in relation to the acquisition and financing of the property.

About Starwood Capital Group Global, LLC

Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate.  Since the group's inception in 1991, the firm has raised over $20 billion of equity capital and, through its various funds, has invested $16 billion representing over $41 billion in assets.  Starwood Capital Group currently has $26.3 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles, Chicago and Miami, and affiliated offices in London, Luxembourg, Paris and Sao Paulo.  Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets.  Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets.  Additional information about Starwood Capital can be found at www.starwoodcapital.com.