ARTICLES LABELLED WITH TAG Czech Republic

In June 2018, Mint Investments successfully completed the acquisition of the shopping centre Breda & Weinstein in Opava from Avestus Capital Partners. The value of the transaction exceeded €60 million. Mint Investments originally developed and later asset managed this shopping centre for Avestus Capital Partners.

Gross take-up (including renegotiations) reached 313,300 sqm on the Czech industrial market, showing a quarterly decrease of 25%. The Industrial Research Forum announced the final industrial market figures for Q2 2018.

The share of vacant office space on Prague’s office market increased to 6.9% at the end of Q2 2018, which is in 0.7 percentage points higher than in the previous quarter. Prime headline rents in the city centre also slightly increase. The Prague Research Forum announced the office market figures for Q1 2018.

Radisson Hospitality announced the signing of the new Radisson Blu Hotel in Prague. The upper upscale branded hotel will complement our Park Inn Hotel Prague.

With the purchase of the Visionary office building in Prague, CA Immo and Skanska have successfully signed and closed the second transaction between the two companies in the CEE region in 2018. The gross transaction volume is approx. €68 million.

The amount of office space currently under development in Prague is higher than ever. 136,000 sqm was completed in 2017 and an additional 165,000 sqm of modern office space should be delivered to the market in 2018. This is the highest development rate since 2008. Despite that, the vacancy rate has dropped to a record low of 6.2 per cent. This is a year-on-year decrease of more than 3 percentage points. This should change, however, with seven new office buildings due to be completed this year, according to Cushman & Wakefield.

CPI Property Group announced the disposal of five small retail properties located in regional cities of northern Czech Republic, totalling approximately 25,700 sqm.

Cushman & Wakefield has expanded its Project & Development Services (PDS) team, to include a new Design & Build (D&B) platform. The new European service line is headed by Glyn Evans for the CEE region, based in Prague. Andrew Frizell, Partner and Head of Project Management CEE is leading the new service line in Poland supported by Glyn Evans.

Avestus Capital Partners has sold Explora Business Centre in Prague to Golden Star Group, an international real estate group specializing in commercial and leisure real estate properties. Real estate advisors Colliers International and law firm Schoultz & Partners represented Avestus Real Estate while Golden Star Group was represented by Havel & Partners in this transaction.

19 % of all existing shopping centres in the Czech Republic have been refurbished to date. Further revitalizations are yet to be completed, according to Cushman & Wakefield.