ARTICLES LABELLED WITH TAG Prague

Higher construction costs and the unfavourable economic situation in Europe are impacting the future development of new offices in the region, especially in capital cities like Prague, Bratislava, Budapest and Bucharest.

As of 7 November 2023, Swiss Life Select Reality will be managed by Andrea Daňhelová, who was previously Director of Operations, Legal and Compliance. Andrea Daňhelová takes over the management of one of the most important real estate companies on the Czech market from Jaromír Mašek, who has been in charge of the company since its establishment in 2013. Swiss Life Select Reality is a subsidiary of Swiss Life Select. 

One of the largest Czech banks, Komerční banka, is selling one of its buildings at 42 Wenceslas Square. However, neither the price of the transaction nor the new owner has been disclosed yet. The transaction was first reported by the online daily newstream.cz. 

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 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.

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.