Erste Group Immorent laid the cornerstone for its Enterprise Office Center, under development in Prague 4-Pankrác. The new project will go up between the Gemini office center and the D1 motorway.
PPF Group, which is owned by Czech businessman Petr Kellner, has finalised the acquisition of the City Tower skyscraper in Pankrác (Prague 4), according to local media.
Prague deputies greenlighted re-development plans for the area surrounding the Smíchov railway station on Thursday, approving a change to the master plan proposed by the project’s developer, Sekyra Group.
Oberbank plans to open two new branches in the Czech Republic. The Austrian bank’s CEO for the Czech Republic, Robert Pokorný, told e15 that the savings and loan volumes have increased over the past four years.
PointPark Properties (P3), the specialist investor, developer and asset manager of warehouse properties, has bought 22 hectares of land alongside the D11 motorway east of Prague for a new 120,000 m2 logistics park which, when complete, will boost its total lettable area around the Czech capital by nearly 40%. The company will develop the site for a total investment of around €85 million to serve the rapidly growing demand for quality warehousing and distribution space in the vicinity of the city.
With GDP growth of 2.6 percent predicted for 2014 the Czech Republic is successfully recovering from the market downturn of the last two to three years with a substantial pipeline in the Prague office market, although concerns have been expressed with regard to rising vacancy. Take up in the industrial sector is increasing across the country as leading developers are opting for a more cautious built-to-suit development model. A new benchmark in investment volume is predicted as the upward trend is expected to continue with office transactions in Prague and retail and industrial deals across the country anticipated. Concerns have been expressed with regard to the limited supply of investment grade product to meet growing investor demand.
Hochtief Development is leaving the Czech market. According to CTK, the company’s German headquarters has let its Czech staff go and begun the sale of two office projects the company was working on.
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