ARTICLES LABELLED WITH TAG Czech Republic

Czech developer and investor Crestyl has strengthened its position in the Central European residential property market. This week it completed the acquisition of the remaining 50% stake in one of Poland's largest residential developers Spravia (formerly Budimex Nieruchomości) from Cornerstone Partners, giving it full control of the company. Both partners initially bought the Polish developer in 2021 for PLN 1.51 billion (approximately CZK 8.5 billion) in one of the largest real estate deals in CEE. The price of the current transaction has not been disclosed. This acquisition will enable the integration of Spravia into the Crestyl Group, while further strengthening Crestyl’s balance sheet from the current €850 million to €1.3 billion, with the intention to grow further in both markets.

The investment group Penta, which is developing the area around the Masaryk railway station in Prague, wants to buy ČSAD Praha Holding through Penta Real Estate. The company owns the Florenc bus station and the surrounding land. The merger is being assessed by the Office for the Protection of Competition (ÚOHS) in a so-called simplified procedure, and a decision will be issued within 20 days. The companies have not disclosed the price of the transaction. Penta also completed work on two nearby buildings called Masaryčka on Monday. The group's long-term intention is to unify the entire area by ownership, writes the daily e15.cz.

A real estate bond sale in Slovenia worth €9.5 million was announced by Slovak property developer Corwin and Czech investment company Hartenberg operating in CEE.

A CZK 4 billion (€162 million) real estate deal is set to take place in the Czech Republic in 2024, which will undoubtedly be one of the biggest in the next year. Development group Portin is set to sell a set of around ten retail parks whose main tenants include Billa, Penny Market, DM Drogerie and Datart, writes online daily e15.cz. 

The City Point office building in Prague 4 - Pankrác is changing hands. It is being transferred from the hands of the investment company Amundi Czech Republic to the ownership of the domestic operator of coworking spaces and serviced offices WorkLounge. Mint Investments Group was the investment advisor that handled the entire transaction for Amundi. Agents from real estate consultancy Cushman & Wakefield and law firm Havel & Partners also participated in the deal. The transaction was worth more than CZK 450 million (€18.25 million). 

The capital city will buy the Czech Post building in Na Strži Street in Prague 4 for CZK 425 million (€17.3 million). The city wants to sign the contract with the post office as soon as possible, said councillor Adam Zábranský (Piráti). All 57 councillors present supported the purchase. The building is a seven-storey building from 1984 with adjacent land, writes ČTK.

Half of the hotel investors in CEE already address ESG in their transaction due diligence, and 40% are in the process of including it, says Cushman & Wakefield in their newest report.

UBM Development Czechia has sold an apartment building in the Timber Praha residential project to the real estate investment fund Future X1. Building M in the Timber Praha project, which represents the first multi-storey apartment building made of wood in the capital city, comprises 15 apartments with layouts from 1 + kk to 4 + kk and sizes ranging from 39 sqm to 110 sqm. The price of the transaction was not disclosed. 

The Czech Post (Česká pošta) has announced a tender for the main post office building at the corner of Politických vězňů and Jindřišská streets in Prague. The asking price is CZK 1.538 billion (€62.3 million) excluding VAT. The tender was preceded by an offer of the building to state institutions, which was not taken up. This is according to information from the Czech Post on its website, the ČTK news agency reports. 

Q3 2023 did not bring much positive news from the Prague office market. Since Q2 2022, no office buildings have been launched on the Prague real estate market and the future does not look promising either, according to the latest analysis by Prague Research Forum.