HB Reavis has sold a plot of land in the centre of Prague, which was created by the demolition of the former Transgas complex, to local developer PSN for a record sum of CZK 870 million.
HB Reavis originally acquired the brutalist office complex near Wencelas Square from energy conglomerate ČEZ in 2014 for around CZK 250 million. The building was demolished in 2019 to make way for the Nová Vinohradská 8 development planned by the company.
This marks the Slovak company’s exit from the Prague market as a developer. HB Reavis continues to focus on the development of its Nová Zvonařka project in Brno and the company also wants to continue developing its network of co-working spaces operating under the HubHub brand.
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