News Article Czech Republic investment Komerční banka.TPG Prague
by Property Forum | Investment

The Prague municipality is offering Komerční banka (KB) CZK 3.65 billion (€143,865 million) for the building on the corner of Wenceslas Square and Štěpánská Street, reports

City councillors approved it on Friday night. Other interested parties could also apply for the purchase of the building. According to Zdeňko Kovářík, City Councillor for Finance, the result of the competition should be known at the beginning of next week.

The sale of the neoclassical building from the second half of the 20s of the last century was confirmed by KB Communications Director Tomáš Zavoral on Thursday. However, he did not want to comment further on the matter. Kovářík stated that KB allowed the city to submit an offer even after the deadline.

Municipal officials are now based in several locations. About 1,200 of the total of about 2,200 are in Škoda Palace on Jungmannova Street. There, however, the municipality's lease agreement with the owner, the investment company GLL, will expire in 2028. Until then, the city must decide where to move the employees.

In the last year, the management of Prague considered the purchase of the main post office building on Jindřišská Street, but in the end, no agreement was reached with Česká pošta. In the past, there was also a plan to build a new building at Na Knížecí, but it also came to nothing. The city management is located in the New Town Hall building on Mariánské náměstí.