Less than a year before completion, developer J&T Real Estate CZ is selling its Red Court office centre in Prague's Karlín district. BlackBird Real Estate will become the new owner immediately after approval, the online daily Seznamzpravy.cz reported about the transaction.
The new office centre Red Court, which is currently under construction near the Invalidovna metro station in Prague's Karlín district, will change its owner after its completion. BlackBird is to purchase it from developer J&T Real Estate CZ. Construction is proceeding according to plan and should be completed at the beginning of the next year.
"We have signed a future contract with J&T Real Estate for the purchase of the Red Court office building. The purchase itself will take place after the completion and approval of the building," said Jan Kotaška, CEO of BlackBird. The price of the transaction has not been disclosed by either party, but BlackBird has declared that it is its largest investment so far. When crowdfunding platform Upvest offered an investment in the Red Court project at the end of 2021, its financial analysis indicated a future value of CZK 678 million, says Seznamzpravy.cz.
The eight-storey Red Court building with 7,000 sqm of offices, designed by the CMC Architects architectural studio, is to be leased next year in most part by the Czechoslovak Group, the arms-industrial holding company of billionaire Michal Strnad, which, according to the daily, is to be very close to the new owner, BlackBird Real Estate. It was formed in 2020 by taking over several properties from Strnad's group. Both companies are also headquartered at the same address and their top management is intertwined.
