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Starwood Capital Group is carrying out the largest office property investment transaction ever in the Czech Republic.

The private US investor announced on Monday that it is buying The Park, a Class A office complex in the Czech capital Prague, from Aberdeen Asset Management.

The terms of the transaction were not disclosed, but PropertyEU understands the investment volume was around €300 mln.

German lenders Pbb Deutsche Pfandbriefbank and Helaba issued a statement shortly after the deal was announced, saying they had jointly underwritten a €180 mln facility to refinance the deal.

Cushman & Wakefield, Clifford Chance and KPMG advised the seller. 'This is the largest office deal ever in the Czech Republic. It demonstrates the continuing return to form for the country in 2013. Completing a deal of this magnitude and complexity shows that international buyers and banks are committed to the market and can see the stability and value that the Czech Republic offers,' said James Chapman, head of Capital Markets at Cushman & Wakefield Czech Republic and Slovakia.

The Park comprises 116,000 m2 of leasable area across 12 buildings and is located in Prague's Chodov district. Completed in 2008, the property is currently 99% leased.

Current tenants include DHL, IBM, Honeywell, Sony, Accenture and Dell. Starwood plans to retain the original developer and incumbent property manager AIG/Lincoln.

Four of the buildings are held by Degi Europa, a further seven by Degi International and the twelfth by Degi Global Business. The total proceeds for the virtually fully leased complex were slightly less than the last market value determined by independent experts. This is the largest office transaction to ever take place in Prague's property market.

'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.

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

Starwood Capital Group has raised over $20 bn of equity capital since its inception in 1991 and, through its various funds, has invested $16 bn representing over $41 bn in assets. Starwood Capital Group currently has $26.3 bn of assets under management.