The Palladium shopping centre in Prague, owned by Union Investment, is currently up for sale, reports hn.cz. The value of the property has increased and is likely to surpass the previous record.
One of the most valuable properties in the Czech Republic has belonged to the German investment company Union Investment since 2015, which paid €570 million for it at the time.
The shopping centre located in the historical centre of Prague offers 41,000 sqm of retail premises and 18,000 sqm of offices for rent on five floors.
"Union Investment is evaluating the possibility of selling the Palladium shopping complex in Prague," Fabian Hellbusch, Head of Marketing and Communications at Union Investment, told Hospodářské Noviny. According to him, the retail markets have already recovered from the COVID-19 pandemic and are growing again.
According to information from HN, the company Union Investment is trying to get approximately €700 million (almost CZK 17.5 billion) from the sale of real estate. "The price corresponds to the fact that it is one of the best shopping centres in Central and Eastern Europe," said Josef Karas, Head of the Investment Department at Knight Frank.
