The Czech state is going to transfer its majority stake in the Prague Congress Centre (KCP) to the City of Prague, making the Capital its 100% owner, reports E15.cz.
In exchange, the state will acquire the Faust House on Prague's Charles Square, part of the Na Homolce Hospital and the parking lot in front of the Ministry of Foreign Affairs. The government approved the exchange, as reported by the Ministry of Finance.
The Czech Republic previously held a 54.35 per cent stake in KCP, while the capital city held 45.65 per cent. In exchange for KCP, the state will acquire other real estate with a total value of CZK 585.1 million (€23.5 million). Given that the value of these properties is lower than the value of the state's stake in KCP, both parties have agreed on a financial settlement, with Prague paying the state CZK 2.21 billion (€88.7 million).
