ARTICLES LABELLED WITH TAG Czech Republic

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.  

Deutsche EuroShop AG has signed a purchase agreement for a shopping centre in the Czech Republic and approved a capital increase excluding subscription rights of up to 4.7 million new shares.

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

Pradera, a retail property fund and asset manager, has announced the first closing of the Pradera European Retail Parks SCSp, a Luxembourg fund. In a €900 million transaction agreed with IKEA Centres, the Fund has signed a contract to acquire 25 prime retail parks next to IKEA stores in eight European countries, including Poland and the Czech Republic.

Commerz Real, a subsidiary of Commerzbank, has purchased a historical office building, " Na příkopě 33" in the centre of Prague for its open-ended real estate fund HausInvest. The seller is Komerční banka, a subsidiary of Société Générale. The transaction price has not been disclosed.

ČS Real Estate fund, the largest and oldest Czech open-ended property fund, managed by REICO, has announced its intention to expand its acquisition programme to Poland and Hungary. 

2017 will deliver only 17,000 sqm of new space to the Brno office market. When considering the size of the market, together with Budapest, this is the lowest increment of new offices in Central and Eastern Europe – 3.3%. A lack of new office space may cause rental prices to increase. These figures are based on an analysis made by Cushman & Wakefield, which compares the office markets across 12 cities in Central Europe.

Colliers International announced that Luke Dawson has returned to Colliers International, effective immediately, in the role of Managing Director & Head of Capital Markets for Central & Eastern Europe (CEE).

Savills has appointed Ben Maudling to head up its Czech Republic and Slovakia operations, in order to support the company’s continued expansion across Central Eastern Europe (CEE). 

P3 has completed the first two warehouses at P3 Prague D11, developed partly on a Build-to-Suit basis for Exiteria and FM Logistic, comprising a total of 60,000 sqm. The warehouses are among the largest buildings planned for the park and account for over a third of its total size.  The rest of the site can accommodate eight further warehouses ranging from 3,000 sqm to 26,000 sqm. After completion, P3 Prague D11 will provide a total of 155,000 sqm.