Austrian property group Immofinanz is planning to launch a new office development project in Prague, underscoring its commitment to the Czech market which it entered in 2002.
Austrian property group Immofinanz is planning to launch a new office development project in Prague, underscoring its commitment to the Czech market which it entered in 2002.
Vienna-listed Immofinanz said on Wednesday that it has started the refurbishment of a historic building in the heart of Prague's Old Town, planned for completion in July 2013. The investment amounts to EUR 25 mln.
Immofinanz acquired the site from Czech bank CSOB jointly with Lordship in January 2006. Last year, the company bought out its partner's 50% stake in the building. 'Full control over this development will allow us to realise the project on time and within budget, for the benefit of our investors,' commented Eduard Zehetner, chairman of Immofinanz's executive board.
Designed by Prague-based atelier DaM architects, the new scheme will provide 6,800 m2 of Class A office and retail space. The building will aim for LEED Gold certification.
'We are convinced that our Jindøišská 16 project will be a success,' Zehetner added.
