ARTICLES LABELLED WITH TAG Prague

Hines, the global real estate firm, has acquired a portfolio of four logistics assets, spanning a total of 65,960 sqm, in Prague on behalf of its Hines European Core Fund (HECF), from CPI Property Group, for an undisclosed price, the company announced.

Colliers published a survey of the Prague office market for Q4 2021. It shows that the vacancy rate stopped rising last year due to weak construction and rents rose to a new high. The market with modern office space will not increase significantly even in 2022.

At the turn of the year, property development and investment company Crestyl bought a residential housing project in Prague Radlice, in the vicinity of Radlická Street, from developer Red Group. The project in Prague 5, which has already been granted planning permission, will include over 150 apartments. The price of the transaction was not disclosed and the investment was made without the involvement of bank financing, Crestyl said.

A complex of three Komerční banka office buildings with an area of more than 12,000 sqm has been bought by Central Group in Prague 9. These are non-residential premises that can serve as emergency facilities and space for NGOs assisting refugees in the current war situation in Ukraine. The developer informed about the offer of the complex on its website, along with information about stopping the sale of apartments to citizens of Russia and Belarus who do not reject the aggressive and barbaric actions of their countries towards Ukraine.

JRD Group sold real assets worth CZK 1.054 billion in 2021, increased the capacity of photovoltaic power plants in Hungary to 30 MWp and commissioned a new prototype plasma gasification reactor. The JRD Land and JRD Development divisions were also strengthened, the company announced in its annual report.   

The new residential project Rezidence Radimova Břevnov will start construction in April in Prague 6, a few minutes from Prague Castle. The developer Geosan Development has now received a building permit and plans to start construction within a month. The residence should be completed within two years, the developer announced today.  

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.