ARTICLES LABELLED WITH TAG Czech Republic

European developer and owner of semi-industrial and logistics real estate VGP has just handed over space in Hall A of VGP Park Ústí nad Labem City to two tenants.

After CPI Property Group disposed of part of its stake in the Austrian real estate company Immofinanz at the end of December last year, it is now about to sign another deal, e15 reports.

Savills recorded 40 transactions closed in 2023 in the Czech commercial real estate sector with a total investment volume of €1.2 billion. Investment volume in 2023 was down 32% in comparison to 2022. 31% of investment transactions in 2023 were closed in Prague.

A record number of new brands entered the Czech retail market last year. In the past ten years, since Cushman & Wakefield has been closely monitoring this activity, none equalled the 2023 list of 39 new retail brands.

German logistics company Thomas Duvenbeck Immobilien took over the logistics complex ARETE Park Rokycany II near Pilsen in the Czech Republic for use in December 2023. It will become the company's largest consolidation centre in Europe.

The owner of the Arkády Pankrác shopping centre in Prague, Atrium Pankrác, is being bought by the Czech real estate fund Trigea from the Partners group. The transaction is now being assessed by the Office for the Protection of Economic Competition (ÚOHS), e15.cz reports.

After an acquisition of complementary retail assets this year, Immofinanz is again expanding its retail portfolio in the Czech Republic with the acquisition of two properties from CPI Property Group. As the CPIPG holds roughly 77% of Immofinanz shares, this acquisition legally represents a transaction with related parties.

The third fund of the real estate and investment group Arete has completed the development of a modern industrial complex in the urban area of Pilsen, Borská pole. The long-term tenant of the hall will be Oxymetal CZ, which specializes in metal processing and production of metal components for various industries, including automotive, energy and construction. 

The reconstruction of the Masaryk railway station in Prague will be done for the Railway Administration (SŽ) for approximately CZK 3.39 billion (€138.5 million) by Strabag Rail and Strabag, which were successful in the tender. ČTK was informed about this by SŽ spokeswoman Nela Eberl Friebová. During the reconstruction, a platform will be built above the track, a better connection with Florence will be created and trains will be able to run on nine tracks instead of the current seven. SŽ also plans to reconstruct the Smíchov and Main Railway Stations in Prague, writes ČTK.

Kaprain and Penta Real Estate have entered into a cooperation agreement to build on the former Howden ČKD factory site adjacent to the O2 arena. Penta has bought a 40% stake in the project, which will create a new centre of Prague's Vysočany and Libeň districts on a site of over 50,000 sqm, Kaprain announced.