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Generali buys iconic Prague department store

Nathan North 06 April 2020

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.

Generali buys iconic Prague department store
Kotva has recently been added to the city's list of architectural monuments

CZECH REPUBLIC Generali Real Estate has acquired the Kotva department store in Prague for an undisclosed sum from Pražská Správa Nemovitostí (PSN) through its pan-European fund Generali Real Estate Asset Repositioning SA (GREAR). According to local media, the property changed hands for CZK 4 bln (app. EUR 150 mln), which would make it the largest real estate deal on the Czech market this year.

Generali Real Estate, in cooperation with Sekyra Group, is now planning the extensive redevelopment of the building and to retain its retail function. The distinctive 28,000 sqm honeycomb-shaped building on Naměstí Republiky on the edge of the city’s Old Town was built In the 1970s according to a design by Věra and Vladimír Machonin. It was recently added to the city’s list of architectural monuments.

PSN, which is owned by property magnate Václav Skala, bought the property at auction in 2016 for around CZK 2 bln (then EUR 80 mln).

“We are proud to invest in this iconic property and look forward to fully refurbishing it, preserving its historic value while adopting the latest recognised standards. This acquisition is fully in line with our strategy of investing in valuable assets in Europe's most dynamic and fast-growing cities,” explained Ramon Spoladore, the regional manager for the CEE and Nordics at Generali Real Estate.

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