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August 15th, 2007 issue

COURTESY PHOTO
ORCO Property Group recently aquired the Dunaj shopping buildings in Bratislava.
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FITNESS The Balance Club Brumlovka, a new wellness and fitness center located on Vyskočilova street in Prague 4, showed off its amenities at an open house June 15. Visitors got an opportunity to see the club premises, including its aqua zone, fitness zone, aerobic and spinning halls, aqua and relaxation zones, 25-meter (82-foot) swimming pool, whirlpool, saunas and steam bath.
HOUSING A unique ecological housing project, located in Jižní Chlum near Zlín, south Moravia, is almost done. The Real Spektrum Group has put the last three low-energy homes of the project up for sale. Similar to the other buildings in the area, the new houses, which will be finished next year and sell for about 6 million Kč ($294,000), will be connected to a unique wastewater treatment plant, allowing them free wastewater discharge.
SHOPPING Almost 70 percent of the city center of Most, north Bohemia has been leased. The two-story, multipurpose complex with a total retail area of 18,000 square meters (193,750 square feet) is under construction in the center. The developer is CRESTYL Management s.r.o. and Cushman & Wakefield is in charge of the lease. Construction of the center began last March, and it should be opened for business by next spring.
PROMOTION Richard Curran was promoted to managing director of CB Richard Ellis’ Prague office. Curran joined the office in 2003 as head of agency and corporate services, which oversees the office, industrial and retail agency teams. He has 10 years experience working on the Czech commercial property market and holds a degree from the National College of Ireland.
INVESTMENTS Investment transactions worldwide hit a record high in 2006, according to statistics released by DTZ a global real estate advisory firm. Investment transactions topped $600 billion last year, the figures show. Today, there is $4 of capital chasing every $1 of investment product, the DTZ report states. DTZ estimates there is $2.4 trillion looking to be invested in real estate worldwide.
HIRES Keegan Viscius, Julia Dyving and Barbora Nováková have joined Cushman & Wakefield’s hotel team in Prague. Viscius has joined as an investment analyst. Dyving was hired as an analyst, and Nováková is the hotel team’s new assistant. “We are expanding our team to meet the growing demand of our clients,” says Stewart Coggans, the company’s Central and Eastern Europe hotels director.
ACQUISITION ORCO Property Group announced it acquired the Dunaj shopping buildings in Bratislava. The two interconnected buildings — Dunaj1 and Dunaj2 — include approximately 10,000 square meters of retail space and storage area. ORCO plans to develop a modern retail and office space. ORCO is already in negotiation with a number of potential tenants. Total investment is estimated at 34 million euros ($47 million/955.6 million Kč).
CONSTRUCTION Developer ECM announced that the construction of utility networks and the family homes in the Unhost Terraces project is well under way. The 104 unique family homes will offer a wide variety of choices including town homes, detached houses with atriums as well as duplexes. The average price will be around 6 million Kč. The completion of the final phase of construction is expected to be at the end of 2008.
RESEARCH In the second quarter of 2007 approximately 53,600 square meters of new office space was completed, according to figures recently released by the Prague Research Forum. Major completions include the ČSOB Headquarters in Prague 5, The Park, Building 9, in Prague 4 and the Kolbenova City Development building 13 in Prague 9. The Forum also found that the vacancy rate dropped to 5.5 percent this quarter.
EXPANSION DTZ announed it has increased to the size of its Prague office by 68 employees. This further expansion is thanks in part to the acquisition of Donaldson, a private British advisory firm. DTZ has recently announced a few new appointments. David Svoboda has been appointed property manager; Viktor Holý has been appointed office agent and Lenka Pohlodková has been appointed as the new marketing & PR manager.
BESNET ORCO Property Group announced it recently acquired the BesNet Center in Prague 4. The property was purchased from SFK Wing Investments Limited for the company’s Endurance Fund Office Subfund. The total investment is about 20 million euros, according to ORCO. The building was constructed in the 1950s. The primary office building underwent a refurbishment in the late ’90s. Its inner equipment has been significantly upgraded over the past six years.


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