News Article Central Group Czech Republic investment Prague refugees
by Property Forum | Investment

A complex of three Komerční banka office buildings with an area of more than 12,000 sqm has been bought by Central Group in Prague 9. These are non-residential premises that can serve as emergency facilities and space for NGOs assisting refugees in the current war situation in Ukraine. The developer informed about the offer of the complex on its website, along with information about stopping the sale of apartments to citizens of Russia and Belarus who do not reject the aggressive and barbaric actions of their countries towards Ukraine.

There is a significant refugee wave coming from Ukraine, which may soon grow uncontrollably. Unfortunately, Central Group does not currently have any completed vacant apartments to offer for temporary accommodation of refugees. All of the roughly 600 flats in seven locations across Prague that it currently has on offer are still under construction. Completed apartments are sold out and new ones are only slowly coming on stream due to the extremely complicated permitting process.

What Central Group can offer immediately, however, is a complex of three commercial buildings in Vysočany in Prague 9, right next to the metro station. This is the former Komerční banka complex, which the company has just bought as a rental investment with future use for residential development. The property is now vacant and almost immediately available for very variable use, for example for the establishment of a large refugee assistance centre. And they could thus help in the current crisis.

This office complex has an internal area of about 12,000 sqm, which is divided into many different sections, from small rooms to large halls. These are non-residential spaces, so they are not suitable for accommodation, but they could provide emergency facilities for refugees. "We have now offered this administrative complex of ours for immediate use by public institutions and established NGOs dealing with the current refugee wave. Intensive negotiations are now underway to determine its most appropriate use. We are ready to provide the complex free of charge and to contribute millions more to its operation in addressing the current refugee crisis," confirms Dušan Kunovský, the Head of Central Group.