Telefonica O2 Czech Republic signed a framework agreement with Bohemia Real Estate Investments for the sale of part of its real estate portfolio in a deal worth more than CZK 4 billion (USD 247 million), T-O2 said.
T-O2, majority owned by Spain’s Telefonica, is going to sell buildings throughout the entire country that serve both administrative and technological purposes and which are either not needed or have a low occupancy, the company said late Thursday.
The total area of the portfolio amounts to 632,000 square meters, of which a small portion will be leased back to T-O2 on a long-term basis.
The sale should complete in the second quarter of this year, and it ends a period of several years in which T-O2 has been seeking to sell off its non-core assets.