ARTICLES LABELLED WITH TAG Czech Republic

Tesco has sold its department store in central Prague to Amadeus Real. Formerly named Máj, it is currently known as My. The new owner is planning a general reconstruction of the building which is planned to start in H2 2020 and last two years, local media reports.

CTP has recently announced new leases and development completions, in addition to ambitious plans for future expansion, in the Budapest region of Hungary and Northwest Bohemia and Moravia in the Czech Republic.

One of the newest industrial parks in the portfolio of the developer and manager of industrial properties, P3 Logistic Parks, will launch an expansion this spring. Warehouse A will be enlarged from its present size of 30,000 sqm by an additional 60,000 sqm. The extra capacity will be available to prospective customers at the end of the year. It will be the largest building in P3’s portfolio in the Czech Republic.

Cushman & Wakefield has become the new property manager for Myslbek, the iconic multi-purpose building owned by AEW. As part of Cushman & Wakefield’s international collaboration, its Polish office has become the manager of two major shopping and office centres in Poland, Klif in Gdynia, Klif House of Fashion and Klif Tower in Warsaw from the same owners. Both offices assume their property management duties in February 2019.

HB Reavis marked its ambitious plans for growth in Germany by announcing two major acquisitions in Berlin and Dresden totalling 3.5 hectares. Plans will see the introduction of HB Reavis’ co-working initiative as well as designs aimed at and catering to a range of businesses, from start-ups and scale-ups to larger corporations, all while fostering well-being and productivity.

In the second half of last year, gross take-up decreased in the two largest regional office markets of the Czech Republic. The Regional Research forum announced the Brno and Ostrava office market figures for H2 2018. 

Immofinanz has purchased the remaining 50% of the Na Příkopě 14 building in Prague from Lordship and become the sole owner. The revitalised historic prime high street building, located on the prestigious Prague shopping street in the city centre, is almost 100% occupied. The parties to this transaction have agreed not to disclose the purchase price.

Cushman & Wakefield has mapped the office property market in detail and made a chart of the largest owners and the most active developers of office buildings in the main markets of the Czech Republic. At this point, there is 4.23 million sqm of office space in the Czech Republic. CPI Group is the biggest owner with 22 properties taking up 5% of the total area. The three biggest office owners in Prague control about 15% of the entire market. Penta Investments has been the most active developer over the course of the last ten years.

Conseq Group’s Conseq Realitní investment fund has bought the A7 Office Center in Prague from Revetas. The purchase price has not been disclosed. The 16,000 sqm building is located in the Czech capital’s Holešovice district. The list of tenants includes Czech News Center, Ahold Czech Republic, DM Drugerie and Megapixel.

Cromwell Property Group has completed the sale of the Pohořelice Industrial Park to an undisclosed buyer for an undisclosed sum. The 44,444 sqm complex, which is situated about 27 km south of Brno, comprises a logistics building, a fully-refurbished cross-dock building and a workshop together with an assembly unit. The asset formed part of the Cromwell European Industrial Fund (CEIF) portfolio.