News Article Commerz Real acquires historical bank building in Prague
by Ákos Budai | Investment

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.

The building, built in 1929, comprises 22,000 sqm of leasable space, all of which is occupied by a branch of Komerční banka. The bank will stay on the premises until its lease expires in two years, afterwards the lease can be extended by 10 years. 
 
Commerz Real intends to renovate the property in cooperation with S+B Gruppe and possibly convert it for mixed-use operation.