ARTICLES LABELLED WITH TAG Prague

Deka Immobilien GmbH has secured the building complex “The Park” in Prague under a purchase agreement with a controlled affiliate of global private investment firm Starwood Capital Group. Under the terms of the transaction—which were not disclosed—the office park will be transferred to the new institutional fund Deka-Immobilien Fokus Prag (DIFP). The fund will be launched when the sale is closed, which is expected to take place at the end of October.

Prologis has begun the development of an 11,720 sqm speculative distribution facility at Prologis Park Prague-Airport in response to high customer demand, which has resulted in the park being fully let.

Tristan Capital Partners, a pan-European real estate investment fund, has announced three new lease agreements in their recently refurbished Praha City Center office building. The new tenants are leasing a combined 3,000 square metres of the 16,000 square metre property.

According to the latest report by Colliers International, during the first half of 2016, some 12,000 square metres of modern office space were completed in Prague. An additional 20,300 square metres is expected to follow during the second half, which will lead to 2016 being the “leanest” year in terms of development completions since 1992, with a total of only 32,300 square metres of completed offices.

Neinver, a Spanish developer, investor, property and fund manager, has decided to enter the Czech market, the eighth market in which the company has a presence. Neinver has partnered with The Prague Outlet to forge a joint venture launching Prague The Style Outlets, the first premium outlet centre in the Czech Republic. Neinver will be in charge of leasing, retail and property management. The joint venture is financed by PPF Bank.

Gross take-up on the Czech Republic industrial market reached 349,300 sqm showing an increase of 11% on the Q1 2016 figures. The Industrial Research Forum has announced its final industrial market figures for Q2 2016.

“Total commercial real estate investment in the Czech Republic recorded €490m in Q2 2016 contributing to an H1 2016 total of €950 million, a 26% reduction on the same period of last year. However, it should be noted that the considerable difference is due to the Palladium shopping centre transaction in H1 2015. When excluded, H1 2016 was 34% up on H1 2015,” says Jiri Horak, investment analyst at JLL.     

Central European commercial property markets are expected to attract even more investors than last year and the competition among countries is fiercer than ever. What does it take to change lost lasting perceptions and secure interest from international buyers? Andy Thompson MRICS, Director of Investment Services at Colliers International talked to us in Bratislava about recent developments on the Czech and Slovakian markets.

Prologis has announced that it will deliver a 34,200 square metre build-to-suit distribution facility at Prologis Park Prague-Rudná for Sportisimo, a Czech sporting goods retailer.

Flow East, the Anglo-Czech property owner and heritage campaigner announced that it has signed two new leasing agreements with Modrá pyramida stavební spořitelna and AON Central and Eastern Europe resulting in the 100% occupancy of its 13-building central Prague office portfolio.