The Amadeus Real Estate Group is preparing to sell the Máj department store in the centre of Prague to Realita fund, managed by the investment company Atris, reports Seznamzpravy.cz.
Barely a few months have passed since the reopening of the renovated Máj department store on Prague's Národní třída, and the iconic building is awaiting another significant change. The Amadeus Real Estate group is now preparing to sell it. If the transaction is completed, the fund managed by Atris will become the new owner. The fund is also owned by the development company Amadeus.
The Amadeus Group invested around CZK 4.5 billion (€158 million) in the reconstruction. It is therefore obvious that the selling price will be higher. This will be by far the largest acquisition for the fund managed by Atris.
"We want May for the fund. I think it is a typical property belonging to a fund structure. It is a property at a good address that has worked, is working and will continue to work. We have every reason to believe that ownership of such a property is sustainable in the long term and that there is an appropriate return and growth potential," said Tomáš Jícha, Deputy Chairman of BoD at Atris, in an interview for SZ Byznys.
