Slovak property developer HB Reavis has acquired a plot of land in central Prague to develop a new office building. In a statement, the company said that it has acquired the River Garden Office West project in the Karlín business area of Prague and intends to develop an eight-storey office building with 20,000 m[sup]2[/sup] of net leasable area on the site.
Slovak property developer HB Reavis has acquired a plot of land in central Prague to develop a new office building. In a statement, the company said that it has acquired the River Garden Office West project in the Karlín business area of Prague and intends to develop an eight-storey office building with 20,000 m2 of net leasable area on the site.
'The acquisition of the River Garden Office West project, along with some logistics projects and the upcoming construction of two shopping and entertainment centres in Hradec Králové and Brno, gives us the opportunity to strengthen our presence in the Czech capital,' said Stefan Duchoslav, CEO of HB Reavis in the Czech Republic.
HB Reavis said that the land is already provided with all construction permits and construction is scheduled to start this month, with completion planned for May 2012 at the latest.
Located in a growing business location housing several international groups including Allianz, Deloitte, KPMG, Mediatel, Panasonic, and Procter & Gamble, the building will be designed by architectural firms David Chipperfield Architects from Germany and EM2N from Switzerland.
HB Reavis, active in Slovakia since 1993, opened new offices in the Czech Republic and Hungary last year, with plans to invest up to EUR 1.5 bn in these three countries with the development of the mixed-use Twin City complex, several Auprak centres and the CBC III-V office buildings.