Irish private equity real estate group Quinlan Private has sold the Charles Square Center office and retail building in Prague to German property group Commerz Grundbesitz, netting a profit of approximately €34 million.

Quinlan said yesterday it had agreed to sell the building to hausInvest, Commerz Grundbesitz's public property fund, for about €90 million. It originally bought the building for about €56 million in 2003.

The Charles Square Center is located in downtown Prague and forms part of the city's expanding business area. As well as benefiting from direct access to the city's transport system, it is also well placed to take advantage of the high level of economic growth in the city, which is significantly above the EU average.

The building consists of nine storeys designed around a central atrium. It is almost fully-leased and it comprises 20,000 square metres of rentable area, including 15,000 square metres of office accommodation and 5,000 square metres of retail space.

Peter Donnelly, a partner in Quinlan Private, welcomed the conclusion of the transaction, saying that it demonstrated the group's continuing ability to identify high-quality, low-risk opportunities in central and eastern Europe. "Our objective is to continue to identify similarly attractive opportunities for our clients," he said.

Quinlan, which was advised by Jones Lang La Salle Capital Markets, has more than €10 billion of assets under its management.