European retail specialist Redevco has announced the acquisition of the neo-renaissance and secession-style City Palais building in the heart of Prague on behalf of one of its investor clients.
The retail property is located in the Golden Cross district and was purchased for over €40 mln from a group of private investors.
The asset is situated in the city’s main pedestrianised shopping precinct. Designed by Czech architect Matej Blecha and sculptor Celda Kloucek, it consists of six floors above ground and two underground floors with a complete floor area of 7,482 m2.
Andrew Vaughan, Redevco's CEO, said the deal is the company's first investment in Prague, one of the strongest performing cities in Europe. 'It offers a fantastic opportunity to create a prestigious flagship store in a super prime location,' he said. 'There aren’t many other locations in the historic centre of Prague that beat this one, making us very comfortable about its long-term prospects.'
Max Immo and Dentons advised Redevco on the deal.
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PropertyEU Briefings at Mapic 2017
Redevco Stand (P-1.M51)
Consumer, Retail & Investment Trends
15 November, 1500-16.00
Retail Innovation & Technology
(16 November, 10.30-11.30)
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