As part of its value-creating growth strategy with a focus on high-return properties, Immofinanz is acquiring 53 retail properties in the Czech Republic, Poland, Slovakia and Hungary from its majority shareholder CPI Property Group (CPIPG). The acquired portfolio has roughly 217,000 sqm of rentable space and is fully let with an occupancy rate of 99%. The purchase price totals €324.2 million. The purchase contract was signed today, together with the closing for 36 retail properties in the Czech Republic and Poland which have 108,000 sqm of rentable space. The purchase price of €191 million for those properties was financed from existing funds. The closing for the remaining 17 properties in Hungary and Slovakia is expected to take place by the end of this year.
Developer CTP ceremoniously launched the construction of a highly modern office building in the presence of Brno Mayor Markéta Vaňková, 1st Deputy Mayor Petr Hladík, Brno Deputy Robert Kerndl and City Councilor for Transport Petr Kratochvíl. The building for 1.5 billion crowns will complete the first stage of the development of the Ponávka complex in Brno and will offer its tenants the most modern technological and at the same time ecologically sustainable solutions. A modern city park for 30 million crowns is also being created in the area, which is a collaboration between the developer and the city of Brno, as well as the third part of the bike path connecting the Ponávka and Vlněn areas.
State-of-the-art technologies including intelligent building control, high-quality archi-tecture, BREEAM Excellent certification and a prestigious address in the newly es-tablished centre of the city. These are the most interesting attributes of the Organi-ca building, the current project of Contera in Ostrava. Once completed in 2023, a major part of the building will be rented by TietoEVRY, an international provider of IT services and one of the biggest employers in the Moravian-Silesian region. How-ever, Organica will offer much more to its users and visitors.
CB Property Investors The sub-fund (CB Property Investors), a real estate fund of qualified investors, closed the first subscription round at the end of June 2021 and opens both to new construction and, above all, to the sustainable re-development of existing properties. The fund's strategy met with investor interest that exceeded expectations. The speed with which the first subscription round of investments was filled points not only to free capital, but also to the gap in the real estate market that the fund is filling. At the same time, this opens up space for further development of construction in the Czech Republic and Slovakia.
CFIG Real Estate, which belongs to the CFIG financial and investment group, issues its first bond issue in the total amount of CZK 250 million. The public issue of CFIG Bond 2020 / I bonds will start on 1 July, with orders already open before the issue itself takes place. The bond will offer a 7.5% annual appreciation with an annual payment and maturity as of June 30, 2026. The bonds are intended primarily for smaller retail investors, which corresponds to the nominal value of the bond in the amount of 25 thousand Czech crowns. The funds will be used to develop real estate activities and purchase real estate in the existing portfolio.
EHC Czech's Kanov business incubator will expand to Cheb this year in Karlovy Vary and Ostrov, where Swietelsky stavební will build a four-storey building with a usable area of over 2,000 m2 and a car park for approximately 77 million Czech crowns. In it, start-up entrepreneurs will meet the background, meeting the criteria of the start-up program.
According to the latest Flex Forward report from global real estate consultant Colliers International, European markets with a low level of existing flexible workspace saw the largest increase in new flexible operations in the first half of 2020.
The former freight station in Smíchov is starting to change. Practically in the center of Prague, a new "city within a city" is to be built within 12 years, which will include apartments, offices, retail space, and public spaces, including a kilometer-long pedestrian boulevard. The plans also include two parks, each the size of the Old Town Square. This is currently the largest development project in Prague.
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