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Immofinanz buys all of Na Příkopě 14

Nathan North 31 January 2019

Nathan North

Deputy editor

+48 22 356 25 22
nathan@eurobuildcee.com

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

Immofinanz buys all of Na Příkopě 14
The historic building, which now houses a Hamleys store, was extensively refurbished in 2014

CZECH REPUBLIC Austrian real estate investor Immofinanz has acquired a 50 pct stake in the Na Příkopě 14 building in Prague city centre from former investment partner Lordship to become the sole owner. The value of the transaction has not been disclosed.

With the acquisition Immofinanz has now brought to an end its last joint venture in the Czech Republic and owns 100 pct of all its properties in the country. Lordship and Immofinanz originally bought a portfolio of properties in Prague from ČSOB at the beginning of 2006 for CZK 3.2 bln. In 2010 the portfolio was split between the two companies into separate holdings, but Na Příkopě 14 remained under their joint ownership.

“Na Příkopě is one of our landmark assets in the Czech Republic. The full acquisition strengthens our portfolio and our position in the premium buildings segment in the centre of Prague,” commented Tomáš Stařík, Immofinanz’s operations country manager s for the Czech Republic.

The historic high street building was extensively refurbished and extended in 2014 and achieved LEED ‘Gold’ certification. It contains 17,000 sqm of modernised retail and office space and an underground car park with 150 spaces. Na Příkopě 14 is almost fully leased, to tenants such as a Hamleys toy store and law firms White & Case and DLA Piper.

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