ARTICLES LABELLED WITH TAG Czech Republic

LaSalle Investment Management has acquired Palác Andel in Prague from Aberdeen Asset Management Deutschland, the German subsidiary of Aberdeen Standard Investments. This mixed-use scheme in the Prague district of Smíchov–Andel is the first Czech Republic asset for LaSalle E-REGI fund. The total purchase price reached €57.8 million. Cushman & Wakefield and Clifford Chance represented the seller. White & Case, JLL, TPA represented the buyer.

RICS presented its new Board of Members in the Czech Republic, who will operate under the chairmanship of William Bucknell MRICS, Managing Director of Flow East Real Estate, one of the largest private investors in the Czech Republic.

TK Development has received the construction permit for building Outlet Arena Moravia. It will rise in the vicinity of the centre of Ostrava, lying immediately adjacent to the D1 Motorway, on a vacant lot in Hlucinska Street (in the proximity of two traffic arteries, with approximately 60,000 vehicles passing every day).

The outlook for Central and Eastern European markets is still positive according to the RICS Commercial Property Monitor. Results for Q3 2017 show that both occupier and investment demand are still on the rise across the region. The peak of the current cycle is, however, undoubtedly getting closer.

Although demand slightly decreased on the Prague office market in Q3 2017, the vacancy rate further declined to its current level of 7.7%, JLL reports.

Soaring rents have seen London’s New Bond Street rise to become the world’s third most expensive retail street, while New York’s Upper 5th Avenue and Hong Kong’s Causeway Bay retain their first and second place rankings, according to Cushman & Wakefield. Prague’s Na Příkopě Street has improved its position from last year’s 23rd to the current 22nd in a chart of the 68 most expensive high streets.

On behalf of one of its investor clients, Redevco, a pan-European retail real estate investment manager, has acquired the neo-renaissance and secession-style City Palais building in the heart of Prague. The retail property was purchased for more than €40 million from a group of private investors.

P3 has signed a deal with FM Logistic to be the first occupier at its new park in Lovosice, close to the borders with Germany and Poland in the north of the Czech Republic. The French logistics company is already a well-established P3 customer, with build-to-suit warehouses at P3 Prague D11 park and on two P3 parks in Poland completed earlier this year. It also occupies space on P3 parks in Romania.

The total floorspace in shopping centres across Europe increased by 1.17 million sqm to 160.8 million sqm at the midpoint of 2017, according to Cushman & Wakefield. Since the beginning of 2017, a total of 57,850 sqm of new shopping centre space has been completed in the Czech Republic. The figure includes the extension of IGY České Budějovice by 9,250 sqm, an extension of the Chodov Centre by 35,000 sqm and the newly built Central Jablonec with a floor space of 13,600 sqm. This represents a 67% growth over the previous year. However, the market will deliver markedly less shopping centre space next year. According to current information, just one shopping centre will be completed – the Géčko in Ostrava. By contrast, several major projects will open after 2019.

JLL’s valuation department, under the leadership of Ján Zibura MRICS and Petr Strýček, has valued the portfolio of the largest owner of apartments for rent in the Czech Republic, RESIDOMO.