Austrian property investment company CA Immo has strengthened its position in the Czech Republic with the purchase of the mixed-use City Deco project in Prague from ECM Real Estate Investments for about EUR 47 mln. City Deco is part of the City project in the Pankrac district of Prague. Some 10,326 m[sup]2[/sup] of the 17,000 m[sup]2[/sup] scheme consists of offices. Another 5,800 m[sup]2[/sup] will offer sport and relaxation activities, and 700 m[sup]2[/sup] has been set aside for retail. There will also be 500 parking spaces.
Austrian property investment company CA Immo has strengthened its position in the Czech Republic with the purchase of the mixed-use City Deco project in Prague from ECM Real Estate Investments for about EUR 47 mln. City Deco is part of the City project in the Pankrac district of Prague. Some 10,326 m2 of the 17,000 m2 scheme consists of offices. Another 5,800 m2 will offer sport and relaxation activities, and 700 m2 has been set aside for retail. There will also be 500 parking spaces.
Prague-listed ECM said it will remain the developer of the City Deco project which is due for completion in June 2009. The capital from the transaction will be used by ECM for further expansion.
