Českomoravská Nemovitostní (ČMN) has completed the acquisition of the Churchill Square office complex in Prague near the Main Railway Station. It has bought the remaining 25% stake from the investment group Corporate Finance House Group.
The transaction completes the agreement of the two companies from 2020, in which they jointly bought the complex from Penta Real Estate. ČMN bought a quarter stake in December 2023 and has now finalised the acquisition by buying the final 25%. Total market value exceeding CZK 4 billion (€158 million).
Churchill Square offers 33,000 sqm of office space and provides facilities for 3,000 people. With an occupancy of 98%, the office complex exceeds the average occupancy of Prague offices. The complex holds LEED Gold certification, and thanks to this, it attracts important tenants such as Fortuna and Deloitte.
"This transaction from the COVID period confirms our market foresight to invest in premium office space in Prague," says Josef Eim, Deputy Chairman of the Board of Directors of ČMN. "We believe in the long-term growth potential of the office sector, especially in buildings with a high standard and an attractive location. There is a growing demand for modern and sustainable spaces that meet the highest demands of tenants, and that is exactly the kind of buildings we want in our portfolio to have."
ČMN actively buys new buildings and also focuses on their complex management. In addition to the already mentioned Churchill Square, the ČMN portfolio also includes the office buildings Blox, City West C1 and C2, Václavské náměstí 62 and Crystal.
