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.’