ARTICLES LABELLED WITH TAG Prague

Czech investment company REICO investiční společnost České spořitelny, a.s. (REICO IS ČS) as of February has appointed Savills as property manager for its Prague office complex Bořislavka. Savills will work in cooperation with Active Retail Asset Management (ARAM) who will manage the retail scheme within the asset.  

The City of Prague intends to provide rental apartments for firefighters, teachers, police officers and other necessary professionals in the next ten years with massive construction of public housing.  Last year, the city established the Prague Development Company (PDS), which is to prepare construction on city plots, the municipality announced.

KGAL has acquired Charles Square Center, a multi-tenant office property in downtown Prague, from Commerz Real, the company announced today.

Red Group has sold most of its residential project in Prague 5 to development company Crestyl. It retained only one apartment building out of five buildings. The project should include a total of 200 housing units, ThePrime reports. The value of the acquisition and other plans of the new owner are not yet known. 

Lidl, the discount grocery chain, plans a store on Prague's Na Příkopě street. It will use the premises of a historic building, the former headquarters of the Czechoslovak Commercial Bank. The grocery store will be located next to the Hamleys toy store. Lidl expects to open a new store in the middle of the year, the Czech News Agency (ČTK) reports. Na Příkopě Street ranks around 20th in Cushman & Wakefield's ranking of the world's most expensive streets.  

For the first time in the history of its operations in the Czech Republic, developer YIT has entered into a partnership to finance its project. Local investment group RSJ will participate in the implementation of the residential complex Vesi Hostivař in Prague.

Earlier this week, Prague Mayor Zdeněk Hřib and Warsaw Mayor Rafał Trzaskowski visited the Ukrainian capital and invited Kyiv to join the Pact of Free Cities. Founded in 2019 by the mayors of Bratislava, Budapest, Warsaw, and Prague, the pact aims to strengthen the values of freedom, dignity, democracy, and the rule of law.

The largest new residential district in the Czech Republic, which will be built on a brownfield site, is starting construction in Prague 3 in Žižkov. It could house up to over 5,000 people. The planned investment is estimated at CZK 20 billion. According to the plans of the developer Central Group, the first inhabitants could move in as early as 2024. The entire Park District should be completed within ten years, the developer plans.

Colliers published a survey of the Czech commercial real estate investment market for Q4 2021. It shows that the volume of investments fell for the second year in a row in 2021, although sales were 8 percent higher year-on-year in the last quarter. The largest investment in Q4 was the sale of the Generali headquarters in Prague with an area of 36,000 sqm.

A fund managed by the Real Estate Group of Ares Management Corporation and local partner Portland Trust have sold the Coral Office Park in Prague to Mint Investments. Four independent office buildings totalling almost 35,300 sqm in Prague 5 were sold for an undisclosed price.