When the two co-owners bought the property in 2020 from the Penta group, they paid a total of four billion crowns.

"As part of the agreement with our partner, we plan to purchase 25 percent in 2023 and the last 25 percent in 2024. In that year, we will become the 100 percent owner of this premium project," said CMN Finance Chief Michal Šperka.

The largest tenant of the administrative complex on the border between the main railway station, Žižkov and Vinohrady is the consulting company Deloitte. The complex also houses the betting company Fortuna.

Českomoravská nemovitstní has two billion crowns ready for acquisitions this year. This amount includes this year's settlement round with the Lebanese partner in the Churchill Square project.

Českomoravská nemovitstní was one of the fast-growing players on the Prague real estate market in the past years. The company financed the expansion, among other things, by issuing massive bonds. This year alone, the company has to repay a total of 1.1 billion crowns. The company calculates that in the middle of the year it will have the entire amount in its account thanks to the accumulated cash for bond repayments.

“The debt financing was closed at a time of historically low interest rates, where we were able to lock in low interest rates for a long period. This principle works very similarly to the fixation of a classic mortgage. Specifically, our senior loans are fixed until 2025 to 2027," added Šperka, financial manager of ČMN.

In general, investments in business real estate such as office or shopping centers are currently struggling due to expensive financing. Foreign investors have practically withdrawn from the market, and domestic buyers are mostly waiting for a drop in prices.