ARTICLES LABELLED WITH TAG Czech Republic

A new logistics and industrial centre was opened in the area between Chomutov and Klášterec nad Ohří (west of Prague near the German border) for CZK 520 million (€21.4 million). The construction of the Garbe Park Klášterec II project with a total leasable area of over 18,000 sqm was completed in eight months. Representatives of the Progresus investment group and the developer and co-investor Garbe have already handed over the building to the main tenant, the German manufacturer of sealing systems Isolite. 

APB is planning a residential development on its land in Plzeň. It wants to build a brand new district on the site of the former Slovany barracks for CZK 20 billion (€825 million). The company has already signed a memorandum of cooperation with the city, which will help to build a new kindergarten as part of its subsidies, writes the daily e15.cz.

Slowly, the residential market should "normalize" and the classic buy/sell market will revive again due to the reduction of interest rates, but this will not happen before the end of this year and the end of summer 2024, explained in an interview for Property Forum Tereza Kouklová, Managing Partner at SFG Holding. 

pbb Deutsche Pfandbriefbank has provided a €120 million investment loan facility to a logistics fund managed by GLP Capital Partners (GCP). The fund will utilise the proceeds for the refinancing of the development of a logistics portfolio in the Czech Republic, Poland and Hungary. pbb acted as arranger and sole lender under the facility.

CPI Property Group announced the signing of a binding agreement for the sale of a portfolio totalling 11 properties located in the Czech Republic to S Immo. The transaction property value is €481 million. 

Ján Krnáč, Executive Director of Cresco Real Estate, talked to Property Forum about the opportunities in the Czech and Slovak residential market. He also explained the “rent to own” scheme developed for those not able to afford a mortgage right now due to the higher interest rates.

In Q3 2023, the Prague office market grew by more than 60,000 sqm of modern offices. This was the best result since mid-2020. No further similar peak is expected in the next three years at least, as no new construction has started for more than a year. Although investors are placing increasing emphasis on the sustainability of buildings, benchmark rental prices are not changing fundamentally, while landlords are trying to attract more generous allowances or longer lease holidays, Colliers reports.

The Czech Office for the Protection of Competition has allowed the investment group Penta to buy (through Penta Real Estate) the company ČSAD Praha Holding, which owns the Florenc bus terminal and adjacent land in the capital. The office announced this on its website. The companies did not disclose the price of the transaction, ČTK reports.

The construction and development group Metrostav is buying the South Bohemian company Reno Šumava, which operates three quarries in South Bohemia and has its own construction company. The merger is currently being assessed by the Office for the Protection of Competition (ÚOHS), writes local daily e15.cz. 

Geosan Development has completed the construction of the Residence Neklanka 2 project in Prague 5 near Anděl. The residence comprises three vila-domes located in a garden on the border between the original residential development and the forest in Radlické údolí, Geosan Development announced.