News Article ČMN Czech Republic Deloitte investment office Prague
by Property Forum | Investment

Českomoravská nemovitostní (ČMN), which is half owner of the Churchill Square office complex in Prague, plans to acquire the rest of the property. It plans to buy the property in two transactions, reports.

The Churchill Square office complex in Prague near the main railway station will be completely in the hands of Českomoravská nemovitostní (ČMN), which already owns half of it, within two years.. The company plans to buy 25 percent in 2023 and the last 25 percent in 2024. ČMN has CZK 2 billion (€85.5 million) ready for acquisitions this year. This amount includes this year's settlement with the Lebanese partner in the Churchill Square project.

The largest tenant of the office complex near the main railway station, Žižkov and Vinohrady is the consulting company Deloitte. The complex is also home to the Fortuna bookmaker. 

"The debt financing was concluded at a time of historically low interest rates, when we were able to lock in low interest rates for a long period. This principle works very similarly to the fixation of a conventional mortgage. Specifically, our senior loans are fixed until 2025 to 2027," adds ČMN's CFO Michal Šperka.