Generali Real Estate has acquired the Kotva department store in Prague for an undisclosed sum from Pražská Správa Nemovitostí (PSN) through its pan-European fund Generali Real Estate Asset Repositioning SA (GREAR).
The new owner, in cooperation with Sekyra Group, is planning the extensive redevelopment of the building while retaining its retail function. The distinctive 28,000 sqm honeycomb-shaped building on Naměstí Republiky was built In the 1970s according to a design by Věra and Vladimír Machonin. It was recently added to the city’s list of architectural monuments. PSN, which is owned by property magnate Václav Skala, originally acquired the property at auction in 2016.
“We are proud to invest in this iconic property and look forward to fully refurbishing it, preserving its historic value while adopting the latest recognised standards. This acquisition is fully in line with our strategy of investing in valuable assets in Europe's most dynamic and fast-growing cities,” explained Ramon Spoladore, Regional Manager for CEE and Nordics at Generali Real Estate.
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