Demolition is underway at the corner of Wenceslas Square and Opletalova Street in Central Prague, where a new mixed-used scheme will be developed by UK-owned Flow East. The new building, designed by Chapman Taylor, is to be called Květinový dům (Flower House, also known as VN47) and will comprise 19,500 sqm of office and retail space across nine floors. It will be constructed with the aim of achieving BREEAM ‘Excellent’ status. Flow East is expected to invest app. €37 million (CZK1 billion) into the project. 

Česká pojišťovna property fund is reportedly buying the Euro and Astra palaces at the bottom of Wenceslas Square, in the heart of Prague, from Czech investor Tomáš Fiala, owner of the Ukrainian group Dragon Capital, E15 reports. 

On 25th April 2017 the first edition of Prague Property Summit, organized by Property Forum in partnership with the Royal Institution of Chartered Surveyors (RICS) will gather leading real estate professionals and top executives from Central and Eastern Europe to analyse the potential of the Czech real estate market from a global perspective. 25 speakers and more than 100 visitors will come together in Prague, creating a unique networking opportunity. 

Caerus Investment Management has announced that on behalf of a private separate account client, it has advised and structured the acquisition of Phase 1 of the Futurama Office Park located in Prague 8, Czech Republic adjacent to the Invalidovna metro station.

CTP Invest has signed a lease agreement with MAKRO Cash & Carry ČR, for approx. 53,000 sqm of warehouse and office space at CTPark Prague North. The transaction ranks among the biggest deals recently concluded on the Czech industrial market. Total investment by CTP is planned to reach approximately €35 million.

Prologis announced that it has signed two new lease agreements totalling 12,100 square metres at its second speculative development at Prologis Park Prague-Airport. The park is now 100-percent leased.

Paris claimed top spot in Colliers International’s Hotel Investment Attractiveness Index, an analysis of the investment climate of 20 European cities, despite predictions that investors and tourists would lose faith in the city due to political uncertainty and the perceived threat following various national security breaches. Prague was ranked in 10th place in the index, boosted by the low level of development costs and high number of tourist arrivals.

Resilient European economies, the continued popularity of Mediterranean leisure destinations and Europe’s importance for business travellers, should drive hotel occupancy and revenues in 2017, according to the latest PwC European Cities Hotel Forecast. Most European cities, including Budapest and Prague, are expected to see additional revenue growth in 2018.

Spanish investment fund, Azora Europa l, has sold Galleries Louvre, their prime office property in Prague 5, to Redstone Real Estate, a private equity platform. The counterparties agreed not to disclose the price. The property is a mid-sized office building offering approximately 4,800 sqm of prime administrative space and is fully and long-term let.  

Skanska has acquired land in Prague, Czech Republic, from Codeco UK. The total investment amounts to CZK841 million (app. €31.1 million).