ARTICLES LABELLED WITH TAG Prague

A record number of new brands entered the Czech retail market last year. In the past ten years, since Cushman & Wakefield has been closely monitoring this activity, none equalled the 2023 list of 39 new retail brands.

The owner of the Arkády Pankrác shopping centre in Prague, Atrium Pankrác, is being bought by the Czech real estate fund Trigea from the Partners group. The transaction is now being assessed by the Office for the Protection of Economic Competition (ÚOHS), e15.cz reports.

The reconstruction of the Masaryk railway station in Prague will be done for the Railway Administration (SŽ) for approximately CZK 3.39 billion (€138.5 million) by Strabag Rail and Strabag, which were successful in the tender. ČTK was informed about this by SŽ spokeswoman Nela Eberl Friebová. During the reconstruction, a platform will be built above the track, a better connection with Florence will be created and trains will be able to run on nine tracks instead of the current seven. SŽ also plans to reconstruct the Smíchov and Main Railway Stations in Prague, writes ČTK.

Kaprain and Penta Real Estate have entered into a cooperation agreement to build on the former Howden ČKD factory site adjacent to the O2 arena. Penta has bought a 40% stake in the project, which will create a new centre of Prague's Vysočany and Libeň districts on a site of over 50,000 sqm, Kaprain announced.

The Prague 14 municipal district has managed to start construction on a 30-year neglected area near the Černý Most metro station. It was only possible when the municipality took over the area affected and was able to improve it. This finally began to happen in mid-September this year, when the construction of a new modern multifunctional building started on the site. What is new is that the Prague 14 councillors at their December meeting approved the conclusion of a contract for the construction and financing of the building with the company Dostupné bydlení České spořitelny (Affordable Housing Česká spořitelna, DBČS). The latter will invest CZK 200 million (€8.156 million) in the project. The total cost of the project is estimated at €25.7 million.

Českomoravská nemovitostní has acquired a quarter stake in the Churchill Square office complex in Prague near the main railway station for CZK 1 billion (€41 million). It has thus become the majority owner of the complex. The seller was a holding from Lebanon, reports the daily e15.cz.

Penta Real Estate is selling the fully occupied coworking centre "Base", which is part of the Churchill office complex in Prague 2, to Scott.Weber Workspace, a company continuing its expansion in the Prague flexible office market. Neither party would comment on the size of the deal, online daily newstream.cz reports.

In Q3 2023, the Prague office market grew by more than 60,000 sqm of modern offices. This was the best result since mid-2020. No further similar peak is expected in the next three years at least, as no new construction has started for more than a year. Although investors are placing increasing emphasis on the sustainability of buildings, benchmark rental prices are not changing fundamentally, while landlords are trying to attract more generous allowances or longer lease holidays, Colliers reports.

The Czech Office for the Protection of Competition has allowed the investment group Penta to buy (through Penta Real Estate) the company ČSAD Praha Holding, which owns the Florenc bus terminal and adjacent land in the capital. The office announced this on its website. The companies did not disclose the price of the transaction, ČTK reports.

Geosan Development has completed the construction of the Residence Neklanka 2 project in Prague 5 near Anděl. The residence comprises three vila-domes located in a garden on the border between the original residential development and the forest in Radlické údolí, Geosan Development announced.