Hartenberg Holding exits The Orchard Office Park (The Orchard), the largest office park in Ostrava, to BHS Real Estate Fund SICAV
January 7, 2019
On December 31, 2018 Hartenberg sold a 100% stake in Portal Investments, s.r.o., the sole owner of The Orchard Office Park, to BHS Real Estate Fund SICAV. The Orchard, comprising 34,000 sqm of class A modern offices in three primary buildings, was fully completed in 2009. The transaction value exceeded 1.4bn CZK.
For Hartenberg it is the first exit from its projects.
“We are very pleased with the performance of the project. Orchard was our first investment into real estate and the results proved our investment thesis. With our hands-on and client-focused approach we increased the occupancy from 80% to above 95%, attracted and retained important blue chip tenants, and completed improvements to the property, services and working environment for the benefit of the tenants and their employees. I think Orchard offers an incomparable value proposition for any tenant in the Ostrava market”, said Byron Barker, Investment Manager at Hartenberg responsible for the project.
“The decision to sell was not an easy one, as Orchard was outperforming since the beginning and we had a great time managing the operational aspects of this property. The project continues to provide attractive cash flows, but we fulfilled our goals and decided to allocate the capital for other deals in the pipeline. My special thanks go to the team who successfully managed the project”, commented Jozef Janov, Managing Partner of Hartenberg.
Hartenberg managed the exit process with its internal team. For legal matters it was advised by Mikuláš & partneři.