Real Estate Briefs
Skanska sells Vyšehrad Victoria project for 13.5 million euros
OFFICE Skanska Property Czech Republic is divesting its office project, Vyšehrad Victoria, in Prague to Hypo Real Invest AG for 13.5 million euros. Through this purchase, Hypo Real Invest has made its first cross border acquisition in the Czech Republic. The building, located in Prague 4, was completed in 2008. Vyšehrad Victoria comprises approximately 5,000 square meters of office space and is leased to prominent international companies such as OMV, Czech Credit Bureau and W.A.G.
OFFICE Skanska Property Czech Republic is divesting its office project, Vyšehrad Victoria, in Prague to Hypo Real Invest AG for 13.5 million euros. Through this purchase, Hypo Real Invest has made its first cross border acquisition in the Czech Republic. The building, located in Prague 4, was completed in 2008. Vyšehrad Victoria comprises approximately 5,000 square meters of office space and is leased to prominent international companies such as OMV, Czech Credit Bureau and W.A.G.
Hochtief renames planned office building complex
RENAME Hochtief Development's planned complex of six modern office buildings previously known as the Letňany Administrative Center has been renamed as Office Islands. The new name reflects the overall concept of the project, in which each building represents an individual island while also forming a part of a unified office complex that will offer both easy accessibility as well as a calm yet inspiring environment for tenants. All phases of the project should be completed by 2014.
RENAME Hochtief Development's planned complex of six modern office buildings previously known as the Letňany Administrative Center has been renamed as Office Islands. The new name reflects the overall concept of the project, in which each building represents an individual island while also forming a part of a unified office complex that will offer both easy accessibility as well as a calm yet inspiring environment for tenants. All phases of the project should be completed by 2014.
Time Out clothing brand leases space at Galarie Butovice
RETAIL Major clothing brand Time Out has leased 800 square meters at Galarie Butovice in Prague 5 with DTZ acting as agent for the transaction. Net take-up in Prague 5 accounted for 10.5 percent of total take-up for the whole city between January 2009 and the end of the third quarter. Prague 5 and Prague 4 have the lowest vacancy rates in the city, at 7.3 percent at the end of Q3 09.
RETAIL Major clothing brand Time Out has leased 800 square meters at Galarie Butovice in Prague 5 with DTZ acting as agent for the transaction. Net take-up in Prague 5 accounted for 10.5 percent of total take-up for the whole city between January 2009 and the end of the third quarter. Prague 5 and Prague 4 have the lowest vacancy rates in the city, at 7.3 percent at the end of Q3 09.
Parker Green Int'l signs Tesco to anchor development in Slovakia
TESCO Parker Green International has signed supermarket giant Tesco to anchor its flagship commercial development in the region, Trnava Park Shopping Centre in Trnava, Slovakia. Construction on Trnava Park will start early this year, and phase one of the project is set to be completed in spring 2011. The first phase will measure 30,000 square meters offering 90 retail shops, and an additional two phases will make it one of the largest shopping centers in Slovakia.
TESCO Parker Green International has signed supermarket giant Tesco to anchor its flagship commercial development in the region, Trnava Park Shopping Centre in Trnava, Slovakia. Construction on Trnava Park will start early this year, and phase one of the project is set to be completed in spring 2011. The first phase will measure 30,000 square meters offering 90 retail shops, and an additional two phases will make it one of the largest shopping centers in Slovakia.
Investment turnover was down 64 percent in 2009
INVESTMENT Investment turnover in the Czech Republic was down 64 percent last year compared with 2008, according to a recent study completed by CB Richard Ellis. The first two quarters of 2009 were the most uncertain, with more deals closing toward the end of the year. Investment volume for Q4 09 hit 280 million euros in five transactions, which represents approximately 80 percent of the six-year quarterly average. Offices were once again the dominant property sector, accounting for 90 percent of total investment volume in 2009.
INVESTMENT Investment turnover in the Czech Republic was down 64 percent last year compared with 2008, according to a recent study completed by CB Richard Ellis. The first two quarters of 2009 were the most uncertain, with more deals closing toward the end of the year. Investment volume for Q4 09 hit 280 million euros in five transactions, which represents approximately 80 percent of the six-year quarterly average. Offices were once again the dominant property sector, accounting for 90 percent of total investment volume in 2009.
New industrial development was down 37 percent in 2009
INDUSTRIAL New industrial development was down 37 percent in 2009 compared with the previous year, according to real estate adviser DTZ. Only 432,000 square meters of new industrial space were brought to the Czech market in 2009, 60 percent of which was build in Prague, with Moravia in second place at 17 percent. DTZ analysts say the slump in development is due to limited demand for new space of the part of manufacturers and logistics companies. 64,000 square meters of industrial space is currently under construction, and DTZ predicts a turnaround in 2010.
INDUSTRIAL New industrial development was down 37 percent in 2009 compared with the previous year, according to real estate adviser DTZ. Only 432,000 square meters of new industrial space were brought to the Czech market in 2009, 60 percent of which was build in Prague, with Moravia in second place at 17 percent. DTZ analysts say the slump in development is due to limited demand for new space of the part of manufacturers and logistics companies. 64,000 square meters of industrial space is currently under construction, and DTZ predicts a turnaround in 2010.
6°C Prague, Partly cloudy
