The real estate company CPI Property Group (CPIPG) of billionaire Radovan Vítek is selling 53 retail properties in the Central and Eastern European region to the Austrian real estate company Immofinanz, of which he is the majority owner. The price is 324.2 million euros (almost eight billion crowns).
As part of its value-creating growth strategy with a focus on high-return properties, Immofinanz is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG). The acquired portfolio has roughly 217,000 sqm of rentable space and is fully let with an occupancy rate of 99%. The purchase price totals €324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which have 108,000 sqm of rentable space. The purchase price of €191 million for those properties was financed from existing funds. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year.
The assets of the WOOD & Company Office Sub-Fund will now be supplemented with their tenth office building. The eight-storey modern building offers 7,500 sqm of leasable office space. Green Point is the third Prague office property held by the WOOD & Company Office Sub-Fund. Since its inception in 2017, it has delivered an average annual return of 11.65% to investors, making it one of the most successful real estate funds in the Czech Republic and Slovakia.
The metro station in Prague's Letňany is often given as a model of how transport infrastructure in the city should not be built. And anyone who has ever stepped out of those vestibules in the middle of the fields would probably agree with such voices.
An office building today is not just a reinforced concrete skeleton filled with glass panels. The building itself and its equipment enable the use of functions unsuspected at first glance, which provide a new dimension of comfort to its users. They allow you to adjust the temperature or the color of the light in the room, rebuild your office according to your wishes or find a colleague without running around the office.
There are 200 percent more flexible offices in Prague than five years ago. Scott.Weber Workspace, the largest operator of flexible and shared offices (so-called coworking) in the metropolis, recently opened premises in the Blox center in Dejvice. Flexible offices currently make up 2.7 percent of the 3.75 million square meters of office space in Prague, and further growth is expected. This follows from the analysis of the real estate consulting company JLL and information from Scott.Weber Workspace.
In the spring, despite the turbulent situation on the construction market, developer Crestyl began construction of four buildings that are part of the new Hagibor district in Prague, next to the Želivského metro station - two office and two residential buildings. Completion of the construction is planned for 2024. The very first two administrative buildings in this location will offer a total of 31,000 m2 of space for rent. Of this, almost 12,000 m2 will be occupied by the Czech News Center media house, which will move its headquarters here. The newly built residential buildings Gamma and Delta will be connected to the first two apartment buildings of the Hagibor project, which were approved in May. Gamma offers 138 apartments of all sizes, each with a balcony or terrace. The Delta building, newly bought by the investment company Invesco Real Estate, will then provide apartments for rent.
• Less than a year after the first tenant moved in, the Mississippi House and Missouri Park office buildings on the River City Prague office campus are fully occupied
• 18 concluded lease transactions with a total of 16,200 m2 of modern administrative space in the Prague portfolio of CA Immo during the first 5 months of 2022
• As companies struggle for the best brains, the trend toward the highest quality offices is growing
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