ARTICLES LABELLED WITH TAG Czech Republic

The gross take-up in the Prague office market has increased by 41% in Q2 2022 compared to Q2 2021. The volume of office construction also increased y-o-y by 47%. Leasing activity was driven by IT companies and the rent gap between newly completed and existing buildings continues to widen, says the office market report for Q2 2022 published by The Prague Research Forum.

The Green Point office building in Prague's Smíchov district will expand the assets of WOOD & Company's Office subfund. The eight-storey building has 7.5 thousand sqm of lettable office space available and at the moment half of it is already occupied. The amount of the acquisition from Ronaldsay B.V. was not published by WOOD & Company.

Penta Group has expanded its real estate portfolio in the centre of Prague by another building. In an e-auction, Penta was the only bidder to acquire the former post office building at Masaryk railway station in Hybernská Street for a bid price of CZK 220 million. Now the contract will be signed and the price will be paid. Both parties to the transaction have confirmed it to the Czech Press Agency.

As of May 2022, Alena Liškay Králíková is the new ESG Manager of Czech development company Crestyl. According to her, while thinking about ESG in real estate businesses, it is important that buildings are not only serving the company´s ESG goals but also their residents, tenants and the entire neighbourhood too.

Developer AFI Europe has announced the completion of the Tulipa residential project on a five-hectare brownfield site in Prague 3 Strašnice. This latest, fifth phase with an eight-storey apartment building cost the developer more than CZK 250 million and will be the only one dedicated exclusively to rental housing with 61 apartments.

CTP in the Czech Republic has a new CFO as of July. Ivana Ficzová will be in charge of the strategic management of CTP's finances in the Czech Republic in her new role.

Skanska has completed the superstructure of the Port7 project in Prague which will offer more than 35,800 sqm of office and retail space. After 16 months, construction of the building reached the top floor deploying 31,000 cubic metres of concrete and 4,100 tons of steel reinforcement.

The Czech Social Democratic Party (ČSSD) has agreed to sell the Lannův palác in the centre of Prague to the building's main tenant, local real estate developer Finep, for CZK 201 million. The party wants to use the proceeds to pay off its debts, novinky.cz reports.

As many as 15 new brands arrived on the Czech retail market in the first six months of this year. Compared with the first halves of the past few years, this is the highest number since 2018, when multiple newcomers were attracted as a result of an outlet centre opening near Prague’s airport. The number of newly arriving brands in the second half of the year has been traditionally higher than in the first half, mainly as a result of the Christmas season. In effect, the number of newcomers this year can be expected to be similar to last year’s 38.

The real estate fund NEMO, founded by the real estate group Českomoravská Nemovitostní three years ago, enlarged its portfolio to a total value of over CZK 3 billion. The new acquisition is the Corso Karlín office complex in Prague 8, the fund announced today.