News Article Czech Republic development investment Prague
by Property Forum | Investment

The Riveroff building in Holešovice, part of the Port7 office complex near the Troja Bridge and Holešovice railway station in Prague, is changing hands. Brno-based businessman Jan Čermák has sold it to South Bohemian company 4 MTK, backed by Martin Krupauer, a prominent Czech architect from České Budějovice, reports.

The Riveroff building on the banks of the Vltava River was sold for CZK 110 million (€4.5 million) by Servis-24, a company owned by Brno-based investor and debt speculator Jan Čermák. Although his name is not the most well-known, this businessman has operated in a number of large insolvency cases in the Czech Republic in the past. In tandem with Marek Indra's IFIS fund, he is also fighting a war with the failed company Arca Investments, which owes billions of crowns in the Czech Republic, writes

Čermák came to the Holešovice building, which is now called Riveroff, as part of the insolvency process. The entire Port7 project was originally backed by the Geone group, which fell into insolvency. The construction of the new buildings was subsequently taken over by Skanska. The older building to be reconstructed was acquired by Čermák, who subsequently renovated it and has now sold it. However, according to, the building is likely to undergo further changes under the new owner, which will be reflected on the exterior facade and will bring it closer to the appearance presented in the company's visualizations.

"Originally, it was a building from the 1970s, which was in a neglected state. We acquired it from the insolvency process. Our business model is always similar in these cases: to repair it efficiently, add additional value in the form of garages and new communal areas, and then either rent it out or sell it," says Jan Čermák.

The Riveroff building, which offers a total of 1500 sqm of office space, was bought from Čermák by the South Bohemian company 4 MTK. The latter has not commented on the sale. The selling party also did not want to comment on the buyer. However, according to the Commercial Register, 4 MTK is backed by architect Martin Krupauer, who runs one of the most important Czech architectural studios - Atelier 8000. Krupauer worked with Jean Nouvel's famous architectural team on the iconic Golden Angel building in Prague's Smíchov district. He also created the concept of the Forum Karlín, and has made a significant contribution to the modern appearance of České Budějovice and the Lipno Ski Resort, which he co-owns. Recently, he has been mentioned in connection with the Vltava Philharmonic project in Prague, which he oversees.