ARTICLES LABELLED WITH TAG Prague

Immofinanz has successfully closed the sale of the BBC Gamma office building in Prague to Passerinvest Group. The transaction was concluded at a premium to the book value as of 30 June 2022, the seller announced.

LaSalle Investment Management (LaSalle) launched the development of a new premium retail and office centre, 100YARDS on the iconic Na Příkopě street in Central Prague. The project will transform three separate buildings into one mixed-use complex which will feature a landmark new shopping destination and premium office space. The opening is planned for the second half of 2024, the company says.

At the end of June 2022, the supply of modern retail space in the Czech Republic amounted to almost 3.97 million sqm. Shopping centres take about 67%, retail parks 31% and outlets the remaining 2% of the market. During the first six months of 2022, the retail park construction boom has not stopped yet and the retail market expanded by 19,500 sqm. Over the last five years, the share of retail parks has increased by 5%. The largest completed project in the first six months of this year was Shopping Centre Řepy in Prague. Another 52,300 sqm of retail space is currently under construction across 12 projects, of which 31,200 sqm is expected to be completed this year, says JLL in its retail market report for Q2 2022.

Another Prague brownfield will be turned into a residential project. Development group Crestyl will be building on the site of the former Waltrovka in Prague's Radlice district. The plan is to build a total of 170 flats for CZK 1.5 billion (almost €61 million) on the land, which the company bought with a zoning permit from the Red Group at the turn of this year. Preliminary construction work on the Semerínka project should start at the turn of the year and the entire project is scheduled to be completed within three years.

Helaba is providing long-term financing for Czech project developer Crestyl for the revitalisation of the well-known NR7 office building in a prime downtown location in Prague.

In Q2 2022, Prague's current office space volume reached 3,75 million sqm and 215,700 sqm is under construction. It is expected that the construction volume will increase by 74,000 sqm of office space by the end of 2022. Rents grew by 18% y-o-y and further growth in coming periods is also expected, JLL's Prague Office Market Q2 report says.

The Czech state continues to unsuccessfully trying to sell Prague's functionalist Broadway Palace from the 1930s. The Office for Representation of the State in Property Matters (ÚZSVM) offered it for the third time in an electronic auction, this time with a starting price of CZK 1.05 billion (€43.153 million), but no one took part in the auction, a spokeswoman for the office told the Czech News Agency.

The Czech real estate investment volume reached €1.15 billion in the first half of 2022. This was a 60% increase and was mainly led by domestic investors who acquired properties worth more than €607 million. Even the number of transactions in Q2 surpassed Q1 of this year. Domestic buyers were involved in 11 of the 13 transactions in Q2, so the share of the domestic capital increased in total volume to 68%, Savills reported.

Another apartment building inspired by Scandinavian architecture has been launched in Prague by the developer YIT.  The twelve-storey building with 47 apartments will be built near metro line C's Opatov station. It should be completed within two years, the developer informed.

One of the tallest buildings in Prague will disappear. The broadcasting tower of the Central Telecommunications Building (Ústřední telekomunikační budova) in Prague's Žižkov district will be demolished in January 2023, including the adjacent buildings. The demolition work is being prepared by the developer Central Group, which owns the entire technology complex in Olšanská Street and is now preparing a residential project there. The current design of the 100-metre towers with apartments by architect Eva Jiřičná has not yet been approved by the city, writes E15.cz.