ARTICLES LABELLED WITH TAG Czech Republic

Asset manager M7 Real Estate has assigned Cushman & Wakefield to take over the management of Hamburk Business Center, an office building in Plzeň. The building is owned by the BHS Real Estate Fund.

CPI Property Group published an update regarding the lawsuit filed in April 2019 in the United States District Court for the Southern District of New York. The lawsuit concerned a group of Kingstown companies, Investhold LTD and Verali Limited (who filed a claim against CPIPG and Mr. Radovan Vitek and other parties alleging violations of the Racketeer Influenced and Corrupt Organizations Act in the United States. On 4 September 2020, the SDNY Court dismissed the claims against all defendants and directed the clerk of court to close the case.

Warimpex achieved a positive operating result (EBITDA) in the first half of 2020 despite losses in the hotel segment due to the coronavirus. This can be attributed primarily to the earnings contribution from the rental of office properties – this segment saw a 15% increase in revenues compared with the prior-year period. Following the posting of property impairments and currency losses, this led to a loss of €21.7 million for the first half of 2020, including a result of minus €3.0 million for the second quarter of 2020.

CTP Invest is commencing construction of a new industrial park in the Poruba district of Ostrava, named ctPark Ostrava Poruba. Groundworks began in the summer and the initial project phase should be completed within six months, with the first companies moving in at the beginning of next year. The developer plans to invest more than €57 million (CZK 1.5 billion) in the project. Four large halls with production facilities and warehousing will be built at the site, which will offer almost 90,000 sqm of lettable area. This is the fifth ctPark in the Moravian-Silesian Region, besides the ctParks at Ostrava Hrabová, Nošovice, Nový Jičín, and Karviná.

Czech real estate developer RC Europe has opened its third retail park in Romania, following an investment of €9 million. The retail park, operating under the Nest brand, is located in Oradea, occupying approximately 6.500 sqm GLA. Construction works on the project started in October 2019.

Trei Real Estate GmbH increased its development volume to €960 million euros during H1 2020. This implies an increase by €60 million euros since year-end 2019 (€900 million). Compared to the prior-year figure (H1 2019: €730 million), the growth actually amounted to €230 million, which equals an increase by 31 percent year on year. A breakdown of the €960 million by type of use shows €175 million in the retail segment and €785 million in the residential segment.

New research from Cushman & Wakefield has identified Berlin, Reykjavik, Oslo, Warsaw, Zurich, Milan, Vienna, Madrid and Prague as emerging hotspots for data centre development in Europe. The European data centre market has long been dominated by the ‘FLAP-D’ markets of Frankfurt, London, Amsterdam, Paris and Dublin, cities with their own deep business and financial sectors to serve. While these markets are still critical to the data centre ecosystem as entry points - and with over 500 MW of construction underway among them - interest in the FLAP-D markets is now competing with physical limitations including a lack of energy to power the centres, limited stock and a need to be closer to regional users.

Private investment company Cimex Group has appointed Savills as property and leasing manager for its portfolio of twelve properties – ten in Prague, one in Plzen and one in Karlovy Vary – in the Czech Republic, starting August 2020. The total floor area of the buildings is more than 100,000 sqm and the portfolio currently provides premises for more than 500 tenants.

A planning permit has been issued for Penta Real Estate’s The Residence Nuselský Pivovar development in Prague’s Nusle district. As part of the €77 million (CZK 2 billion) project, the developer will build 450 residential units on the site a historic brewery.

CTP will modernise the Spielberk office complex near the Brno city centre. The aim is to lower energy consumption and ultimately reduce the carbon footprint of the site. CTP is investing almost €1.5 million (CZK 40 million) into modernising the energy system.