ARTICLES LABELLED WITH TAG Prague

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.

RSJ Group plans to build a multifunctional project in the historical centre of Prague in Revoluční Street near the Vltava River. The competition for the architectural design of the new building was won by Czech architect Eva Jiřičná, who lives in the UK. The developer is currently working on a plan to demolish the original building, E15 reports.

The Česká Spořitelna Real Estate Fund (Nemovitostní fond České spořitelny) is buying the Bořislavka Centrum shopping and office complex from KKCG Real Estate Group. With the acquisition, the fund has increased the number of buildings under its management to 21 and the value of its real estate portfolio exceeds CZK 38 billion, REICO announced in a press release. The parties didn't disclose the transaction price.

Brno-based investment group Portiva has acquired the SmíchOFF office building in Prague from Penta Real Estate for more than CZK 1 billion, the new owner announced on its website. The acquisition of the premium LEED Gold-certified commercial property represents another step for Portiva Group in fulfilling its vision of growth through a balanced mix of quality acquisitions.

In 2021, PSN has grown not only in the number of collaborators but also in the number of projects and new acquisitions. It sold 294 units for CZK 1.5 billion and completed over 800 leases worth CZK 70 million. PSN's plans for the next five years include the construction of 3,000 new apartments worth CZK 11 billion and it plans to invest another CZK 10 billion in land acquisitions.

Last year, 9698 flats in Prague received final building permits, which is 5363 more than the year before and the most since 1997, the year from which data is available. This is according to data on the construction industry published by the Czech Statistical Office (CSO). In recent years, the Czech capital has been struggling with a rise in housing prices by tens of percents a year, which the city's authorities say is also due to insufficient construction. Deputy Mayor Petr Hlaváček said that with the recovery of construction, the prices of flats are expected to get cheaper in the medium term, Czech News Agency reports.

The Czech patent and pins factory owned by Koh-i-Noor Waldes is moving out of Prague after 120 years. Due to the merge with Massag factory the company is heading to Bílovec now. The current owner Pražská správa nemovitostí (PSN) plans to transform the historical factory buildings in the Prague Vršovice complex into a multifunctional project with 550 modern apartments and shops, e15.cz reports.

AFI Europe has taken stock of the results for 2021, a year in which it has been fully committed to implementing its new corporate strategy focused exclusively on rental housing. The company is currently constructing four buildings in three residential projects in Prague. It plans to complete the larger part of them this year.