Degi has bought 1.25m sq ft of offices in Prague for E440m (£349m).

The German open-ended fund manager has bought 11 out of the 12 buildings in ‘The Park’ business park complex in two deals.

In the first deal Degi, which is owned by Aberdeen Property Investors, bought seven buildings for E275m (£218m).

In the second deal it bought a further four buildings from Signa Property Funds for E165m (£131m).

Degi said the properties have been bought indirectly through several property companies and will be inserted into several open-ended property funds managed by Degi.

The buildings were developed between 2003 and 2007 and are 98% let to occupiers including Sony, IBM and Sun Microsystems.

The Park is located in Prague 4, the largest office district in the Czech capital where around half of all Prague’s workers are employed.