ARTICLES LABELLED WITH TAG investment

HB Reavis has sold a plot of land in the centre of Prague, which was created by the demolition of the former Transgas complex, to local developer PSN for a record sum of CZK 870 million.

Radovan Patrick Vítek, the son of CPI Property Group’s Radovan Vítek, acquired an 8.38% stake in Austrian real estate group Immofinanz. He acquired the shares through Mountfort Investments, according to a major holdings notification published by Immofinanz. This purchase makes 23-year-old Vítek the third-largest shareholder of Immofinanz-

Shareholders of One United Properties have approved the intention of the developer to list its shares on the Bucharest Stock Exchange (BVB). 

Real estate group Portico Investments has sold six buildings from its Romanian portfolio to Praktiker Real Estate and Lidl Romania, in two deals totaling over €8.5 million. 

Real estate developer Element Group has announced the acquisition of a new land plot of 2.7 hectares, close to A1 highway, at the entrance of Pitești city, in southern Romania. 

M7 Real Estate, on behalf of its M7 CEREF II Fund, acquired two urban logistics schemes from 7R. Avison Young represented the seller as the exclusive agent throughout the transaction.

The third-largest provider of rental housing in Europe, Swedish company Heimstaden plans to almost double its investments into the refurbishment and expansion of its Czech portfolio.

CPI Property Group formed a joint venture with Aroundtown SA and announced a cash offer for the entire issued share capital of Globalworth that the JV did not already hold. The two companies currently own more than 50% of Globalworth’s issued share capital.

AFI Europe has signed an agreement for the purchase of Avenir Business Park in Prague 5 owned by Tristan Capital Partners. The office complex, offering more than 25,600 sqm of premium office space, is close to 100% occupancy. Among its tenants are companies such as CSOB, ING, Porsche, McDonald’s, Dermacol and Coloplast.

Last year, international law firm Kinstellar played a vital part in closing two of the largest transactions on the office market in Romania: Floreasca Park, sold to Resolution Property (member of the Fosun Group) and Zeus Capital for more than €100 million and two Class A office buildings owned by Skanska sold to S Immo for €97 million. This was in addition to a series of deals in logistics and other asset classes. Property Forum talked to Victor Constantinescu, Managing Partner of the Bucharest office and Co-Head of the firm-wide Real Estate Practice, about how the first year of the pandemic was and what’s next.