ARTICLES LABELLED WITH TAG Czech Republic

Given CPI Property Group’s recent acquisition of Immofinanz and S Immo, the company is more focused on implementing its integration strategy, rather than necessarily looking at new acquisitions, says Mindee Lee, Board Secretary and Senior Manager of Corporate Strategy at CPIPG, in an exclusive interview with Property Forum.

REICO ČS Nemovitostní (RČSN) continues to clean up its real estate portfolio. It has recently sold the Rohan Business Centre building in Prague's Karlín district. The buyer is the newly established Fio real estate fund from the Fio investment company. The transaction price was CZK 740 million (€31.2 million).

CPI Property Group (CPIPG) has announced updated information regarding the Group´s efforts in reducing and preserving cash, with a focus on disposals.

In Q1 2023, the Czech industrial real estate market hit record numbers and passed the 11 million sqm mark. The five-year average has broken when the total volume of newly completed industrial grew to 217,900 sqm, according to Colliers’ quarterly survey.

Czech logistics developer Logport Development has launched a new project in Prague's Jinočany area, at the former Poldi Kladno smelters, one of the largest brownfield sites in the Czech Republic.

Q1 2023 saw a recovery in the Prague office space market. Growing demand may be met with lower availability of new premium space in the coming years, as only a smaller number of new projects are currently under construction. This may affect the currently stabilized price level of rents. Serviced office centres and ESG-compliant projects are on the rise. These findings come from a quarterly market survey conducted by Colliers.

Accor expands its portfolio in the Czech Republic and Central Europe. The hospitality group signed a franchise agreement with Fardela Solutions for a new Mövenpick hotel in the country. The new hotel project of will be located in Čeladná, in the Moravian-Silesian Region of the Czech Republic and will welcome its first guests in 2026.

The Lastavice development project in Belgrade, Serbia, has just completed its rough construction. The first building of the project, which will offer almost 500 flats and require an investment of more than CZK 2 billion (€84 million), will be completed by the Czech developer UDI Group in spring 2024, while the construction of the second of the project's two buildings will begin at that time.

The period of stagnation and waiting on the Prague residential market is over. Along with the spring came a revival in the Prague housing market. The demand is rising, and interest in buying and renting is also growing, according to the latest Knight Frank report.

The investment panel at Prague Property Forum 2023 focused on investment opportunities and financing. While banks emphasized that they are ready to lend money, perhaps more cautiously, investors talked more about waiting for the right moment when investment opportunities appear. The great potential of the Czech market is mainly in the local money and local investors, which gives the market stability, participants agreed.