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Slovaks wind down in Czechia

Eurobuild CEE 08 February 2019
Slovaks wind down in Czechia
Vinohradská office project in Prague of 23,000 sqm

CZECH REPUBLIC HB Reavis is to sell off almost all of its projects and plots in the Czech Republic.

According to the company, the decision stems from its new strategy to develop business districts and it also suggests that most of its Czech projects do not have the required scale.

“HB Reavis is aiming to fully focus on creating and managing comprehensive business districts with a size and range of available services that support the growth of the companies and communities operating within them,” reads a company statement, which goes on to add that it plans to “start the sale of stand-alone projects in the Czech Republic that are not sizeable enough to make them suitable for the development of such business districts.”

The Slovakian developer still intends to finish a 90,000 sqm mixed-use project in Brno, while the existing Aupark shopping centre built in Hradec Králové in 2016 is also to remain within the company’s portfolio.

The projects to be sold include the Mercuria (18,000 sqm) office project, which is planned to be built on the site of the site of the Transgas buildings in Prague 7. A permit has already been issued to demolish the buildings. Other Prague office developments that are to be sold include the Vinohradská (23,000 sqm) and Radlická (19,000 sqm) projects, which were scheduled for completion in 2021.

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