On behalf of one of its investor clients, Redevco, a pan-European retail real estate investment manager, has acquired the neo-renaissance and secession-style City Palais building in the heart of Prague. The retail property was purchased for more than €40 million from a group of private investors.
The City Palais consists of six floors above ground and two underground floors with a complete floor area of 7,482 sqm. The spaciousness of the property and its unique allure makes it suitable for a retail brand to create a marvellous retail experience, the new owner said in a press release.
Andrew Vaughan, Redevco’s CEO, said: “Our first investment in Prague, one of Europe’s strongest performing cities, offers a fantastic opportunity to create a prestigious flagship store in a super prime location. With our specialist team, highly experienced in creating inner-city retail destinations, we will work with the municipality to preserve the important heritage of this listed property while at the same time give it a new, modern purpose. There aren’t many other locations in the historic centre of Prague that beat this one, making us very comfortable about its long-term prospects.”
Advising Redevco on the purchase were MAX Immo and Dentons.
