A consortium of Penta Real Estate, Kaprain Group and Sekyra Group bought land from the University of Chemical Technology (VŠCHT) in the western part of Vítězné náměstí in Prague 6 for an amount just over one billion crowns. It acquired a total of 20,122 square meters, ie the majority of the buildable area of the so-called fourth quadrant of Vítězné náměstí between Evropská and Jugoslávských partizánů streets. Penta said this in a press release.
"Building B was the last renovation that had to be completed so that in our portfolio we had only top offices equipped with the latest technologies that also meet the requirements for sustainability. Part of our philosophy is also building a quality public space, so as part of the reconstruction, we also built an open atrium with wooden seating, greenery and a water feature and a new Ellen G. White Square with mature trees and a jet fountain. Our goal is to provide tenants with a quality background so that they feel comfortable with us during and outside working hours, ”said Vladimír Klouda, Executive Director of Passerinvest Group.
Českomoravská Nemovitostní (ČMN) is expanding its portfolio with three properties in Karlín, Prague. It bought the office buildings of Zirkon, Apeiron (Rubín) and Corso Karlín with a total area of more than 30,000 m2, standing right next to the Křižíkova metro station. The transaction was financed by Raiffeisenbank.
CPI PROPERTY GROUP (hereinafter “CPIPG”, the “Company” or together with its subsidiaries the “Group”), a leading owner of income-generating European real estate, hereby publishes unaudited financial results for the six-month period ended 30 June 2021.
pbb Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €130 million to refinance “Dock In Office Park” (4 buildings) in Prague for Crestyl Group. pbb and Helaba are acting as joint lead arrangers providing equal portions of the funding. pbb also acted as facility and security agent of the transaction.
ČSAD Praha holding a.s. announces that the construction of the BASTION FLORENC commercial administrative center has recently started on its land. With its name, the building located in the very heart of the Prague crossroads refers to the foundations built above the former baroque fortifications of Bastion XXII. The beginning of the construction dates back to 1648, when the Prague fortifications began to be built and were completed in 1679.
Up to 700,000 m2 of new offices could be added to Prague by 2025. Currently, about a third of this volume is in the construction phase. However, due to the prevailing slowdown in demand and the growth of vacancy in both existing and new office space, many developers are adjusting their plans: they are postponing the start of construction and slowing down implementation. Others are considering the future use of projects from purely administrative to a mix of office, residential and retail space.
Last year, the demand for offices in virtually all European countries fell sharply. Compared to 2019, it decreased by 41% to 9 million m2. This was the lowest volume of realized demand since 2009. According to analysts of the international consulting company BNP Paribas Real Estate, there is already a recovery in this year's tenant activity, but the office market is not expected to recover until 2022. At that time, demand should reach 12.2 mil. m.
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