The real estate investment arm of Czech bank Ceska Sporitelna has bought a mixed-use building on Prague's Wenceslas square for nearly one billion Czech koruna (EUR 41 mln). CS Real Estate Fund, which is managed by the bank's investment arm Reico, has purchased the building from an unnamed US-based private investor.
The real estate investment arm of Czech bank Ceska Sporitelna has bought a mixed-use building on Prague's Wenceslas square for nearly one billion Czech koruna (EUR 41 mln). CS Real Estate Fund, which is managed by the bank's investment arm Reico, has purchased the building from an unnamed US-based private investor.
The Melantrich property is mostly leased to retailer Marks & Spencer and offers more than 10,000 m2 of retail, office and residential space.
DTZ, which advised the buyer on the deal, said the deal 'represents a landmark transaction in Prague and demonstrates improving investor confidence in the Czech market'. 'This purchase demonstrates the continuing demand for high-quality properties in the Czech Republic,' said Karel Koneèný of DTZ's Investment Department. 'Given the size of the local market and limited availability of prime real estate, the property represented a unique investment opportunity.'
According to DTZ, retail demand and rents in the country are expected to grow in core retail locations such as the Golden Triangle, the area encompassing Prague's Na Prikope Wenceslas Square and namestí Republiky.
