ARTICLES LABELLED WITH TAG Prague

Cromwell Property Group has sold the Čestlice Business Park in Prague-East for €17.5 million to an undisclosed buyer.

In recent weeks, JLL has participated in three large-scale investment transactions in the Czech Republic and Slovakia. These were strategic acquisitions of Wood & Company's real estate fund (the real estate arm of investment group Wood & Company), which recently acquired three premium office buildings.

Hub Ventures, an operator of shared office space in the Czech Republic, is going public this month on the Prague Stock Exchange's Start market. Investors began making orders at the beginning of the week in a fundraising exercise expected to take in as much as €3.5 million (CZK 90 million).

Europa Capital, represented by Savills, has concluded the sale of Hadovka Office Park in Prague to Wood & Company, a leading investment bank in Emerging Europe.

MAX Immo has been appointed as an exclusive partner for the leasing of City Palais building situated in Prague’s “Golden Cross”. Redevco, the owner of City Palais commissioned MAX Immo to secure the leasing. The building provides office, retail and residential space on an area of 7,500 square metres.

Digitisation and automation are transforming the property business, not just in Western Europe but in CEE markets as well. 200 people came together at the second Prague Property Forum 2018, a conference organised by Property Forum and RICS, where an international group of speakers discussed the effects of technology on the property business.

Siemens CR and CPI PG announced that they signed an agreement to extend the lease and complete a total renovation of City West office buildings in Prague - Stodůlky, where Siemens CR headquarters have been located since 2010. The contract has been extended until 2027 and will undergo extensive modernisation of offices, common areas, parking spaces and specific outdoor areas. The common goal is to improve and beautify the employee work environment, reflecting Siemens' development needs within its headquarters in the Czech Republic.

Skanska’s commercial development unit in CEE has announced the appointment of Alexandra Tomášková as Managing Director for Skanska Property Czech Republic. She will begin in her new role from June 1st 2018, and will also become a member of Skanska CEE’s commercial development unit Management Team.

Neinver opened Prague The Style Outlets, its first outlet centre in the Czech Republic and the 16th centre in the company’s expanding portfolio, which totals 300,000 sqm of gross leasable area (GLA). The centre features over 100 stores in 20,000 sqm of GLA. The new centre is part of a joint venture between Neinver and The Prague Outlet signed in 2016 to create the largest outlet centre in the Czech Republic, with a total investment of €70 million. A second phase will increase the total commercial space to 30,000 sqm in the coming years. The outlet centre will bring over 600 jobs and considerable tourist spending to the local economy.

Whilst Prague 4 is the largest market, over the next two years, most of the new supply will be delivered to Prague 8. In perspective, it could overtake Prague 1 by market share and become the third largest office submarket in the capital. In 2018 and 2019, almost 27% of new offices that are currently under construction will be completed in Prague 8. The largest of the planned projects is Palmovka Open Park, thanks to which office space in Prague 8 will expand by almost 25,000 sqm at the end of Q2 2018. Regarding the intensity of construction, Prague 4 is in second place with 22% of the offices under construction. The third place belongs to Prague 5, where 19% of new construction will be completed.