DEGI, part of Aberdeen Property Investors, has bought Andel Palace in Prague for €57m (£45m).

The deal is DEGI’s second in the Czech Republic’s capital.

The 156,000 sq ft office property has been purchased indirectly, through a property company and will be added to the DEGI International open-ended property fund.

DEGI bought the property, which is leased to occupiers including ING and Toyota, from a partnership which established, owns and runs Czech and Slovak Investment Advisors and Develon, backed by Quinlan Private.

Bärbel Schomberg, chief executive of DEGI, said: ‘With this investment, we are expanding our exposure in Central East Europe and our investors will be able to benefit from the dynamic development of the CEE economy.’

DTZ Prague advised DEGI. Jones Lang LaSalle advised the vendor.