ARTICLES LABELLED WITH TAG Czech Republic

The market value of office buildings in the Czech Republic and in Prague, in particular, has continued growing as a result of steady demand and insufficient supply. Yields from premium office schemes in Prague currently range around 4.3 percent. Aggregate investments in commercial properties in the Czech Republic for the first three quarters of 2019 amounted to €2.5 billion (almost CZK 64 billion), according to Cushman & Wakefield.

VGP NV and Allianz Real Estate, acting on behalf of several Allianz Group companies, announced a successful sixth closing with its 50:50 joint venture, VGP European Logistics. The transaction comprises 13 logistic buildings, including 7 buildings in 3 new VGP parks and another 6 newly completed logistic buildings which were developed in parks previously transferred to the Joint Venture.

Lukáš Svobodník from the industrial leasing team of Colliers International Czech Republic has successfully negotiated the long-term lease of 14,700 sqm of production, warehouse, and administrative space in Contera Park Ostrava City on behalf of Chassix/Aludyne.

According to the latest RICS Commercial Property Monitor, occupier and investment sentiment remains positive across main CEE markets, even though the Czech Republic has posted its most subdued set of readings in four years. In many countries, demand for retail assets fell on both the occupier and investment sides of the market. Based on rental and capital value projections, secondary retail is visibly suffering in Austria, Bulgaria, Poland and Romania.

The share of private sector student accommodation in Prague stood at 6% of the total stock of purpose-built student accommodation (PBSA) in October 2019, up slightly from the 5% recorded at the same time last year, according to the latest Savills research.

DHL Express has leased a modern hall with a total area of 3 700 sqm at Brno’s airport. The construction, which should be completed in Q1 2020, will be carried out by Panattoni Europe.

Financial advisory group Rothschild & Co. was sued in New York for allegedly helping Radovan Vitek, the majority owner of CPI Property Group, secretly acquire controlling shares in Orco Property Group.  Kingstown, a New York hedge fund, is claiming €1 billion of damages for the alleged fraud. CPI Property Group and Radovan Vitek deny the allegations and claim that the New York lawsuit is baseless and has no merit.

Peakside Capital has completed the comprehensive refurbishment of a recently purchased mixed-use property in Brno. The building has been rebranded to Centrum Vídeňská and has been given a new logo. The renovation mainly focused on improving the quality of the common areas.

CTP plans to make a significant contribution to nature conservation, reduce its carbon footprint, and promote the long-term sustainability of the environment. The company has recently become the owner of 100 hectares of forest and plans to restore it. It has decided to further develop its ecological and social activities by purchasing 100 hectares of forest near Mladá Boleslav. The main goal of the company is to revitalize and grow trees.

The Czech Republic made it to the Top 20 countries ranked by the most expensive retail street for the second time in Cushman & Wakefield’s annual Main Streets Across the World 2019 chart. It climbed to No.18 thanks to Na Příkopě, a street where the prime rental value is €235 per sqm per month. The Czech Republic is the only country in the Central and Eastern European region to make it to the Top 20 this year (it appeared in the chart last year for the first time ever), confirming its reigning position on the Central European market.