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September 7th, 2008
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April 18th, 2007 | Current Issue

Working behind the scenes
Rooney & Bennett helps market some of the city's biggest real estate firms

Young architect has big dreams
David Beke hopes to run own firm one day

A gem in a turbulent marketplace
Glatzová & Co. weathers the many legal aspects of investing in Prague real estate

Riverside gives new meaning to 'boutique'
Guests can enjoying sweeping views of Prague and Vltava

BRIEFS


SALE BA-CA Real Invest, an Austrian investment fund, sold a portfolio of seven office properties in Prague and Warsaw. The portfolio, held in a closed-end fund structure, was sold for 198 million euros ($260 million/5.5 billion Kč) to Pramerica Real Estate Investors, a global investment fund. The portfolio comprised approximately 64, 000 square meters (690,000 square feet) of floor space. The Prague-based properties included BBC Vila domy, Stará Celnice, Zirkon Office Center, Corso Office Center, Rubin Office Center and Dvorana Office Center.

ACQUISITION Plaza Centers N.V., a property developer, which owns subsidiary company Plaza Centers Czech Republic, known for its entertainment/retail concept, acquired a site in Timisoara, Romania. The acquisition, totaling 31,800 square meters, is Plaza’s second transaction in Romania. The company plans to build a 30,000-square-meter shopping center there and has also secured an option to develop 20,000 square meters of new mixed retail, office and residential space.
CENTER Plaza Centers N.V. announced it completed and opened the 18,000-square-meter Rybnik Plaza shopping and entertainment center in the heart of Rybnik, Poland. The center includes 470 parking spaces. The development is the first shopping and entertainment center in Rybnik and was completely leased out to local and international tenants by the time it opened.
HOTEL MaMaison Hotels & Apartments is nearing completion on the new Pokrovka Suite Hotel in Moscow. The grand opening of this luxury hotel will take place in May. The 84-suite venue is the first Russian property in MaMaison Hotels & Apartments’ collection.
MIPIM The MIPIM international real estate trade fair, held last month in Cannes, France, attracted approximately 26,000 attendees from more than 8,000 companies based in 76 countries, including the Czech Republic. More than 80 top players in the Czech real estate scene participated in the weeklong fair, including Hochtief Development, Rodamco Europe, ECE Projektmanagement, Orco Property Group, CTP Invest, Multi Development and Ballymore Properties.
PARK Czech and Slovak Investment Advisors (CSIA) recently purchased the Nove Butovice Office Park from British fund Doughty Hanson & Co Real Estate for 89.5 million euros. This transaction is reportedly one of the largest of its kind in the Czech Republic. Nové Butovice comprises three buildings in Prague 5. Construction of a fourth building is scheduled to begin later this year.
SURVEY Investor confidence is shifting from the United Kingdom to the French and German commercial property markets, according to a King Sturge survey. In 2006, 67 percent of investors believed UK returns would exceed the previous year’s. This has since fallen to 20 percent. By contrast, 63 percent believe Germany will perform better this year than in 2006, up from 36 percent. And 50 percent favor better returns in France this year, compared with 37 percent in 2006.
ZŁOTA Orco Property Group hired BESIX, the largest Belgian construction group, as the general contractor of the Złota 44 project, a 192-meter-high (630-foot) luxury apartment building going up in the center of Warsaw. Designed by world famous architect Daniel Libeskind, Złota 44 will include 251 apartments on 54 floors. Construction is scheduled to start this fall and will last 28 months.
SOLD A joint venture between RREEF Real Estate and Kilcullen Discovery has sold the Rosmarin Business Center in Prague 7 and two retail showrooms in Průhonice to a fund managed by Heitman.  The properties were purchased by the joint venture in December 2004. The Rosmarin Business Center’s main tenants include Amdocs ČR, Alumil CZ, Axel Springer, Benzina, Čepro, Česká inspekce životního prostředí, Farmtrans, a.s., Internet Mall, Intrum Justitia, Kaiser + Kraft, Kwesto Service, Maspex-Walmark, Oskar Mobil, Tiscali and Swietelsky stavební.
AWARD The Residence Belgická was recognized for “Environmentally Friendly Service” and awarded the “Eco Flower Label,” as well as granted the license to use the Czech Eco Label by the Environment Ministry. The Residence recently took part in the Eco Label selection procedure. Eco-labeling refers to products and services that are friendlier toward the environment and the health of the consumer during their entire life cycle.
DIRECTOR Colliers International appointed Carlo Gradl director of office listings and retail services for the Czech Republic. Gradl, who has lived in Prague for more than 14 years, began his real estate career at Apollo Real Estate, where he was a partner until 2001. He went on to work for well-known developer COPA, where he was in charge of leasing as well as a member of the development team.
RENTS Czech rents have remained stable, and, in Brno, they have fallen, according to a report recently released by Cushman & Wakefield. The Czech Republic has fallen from 37th to 38th place on the real estate company’s list of the world’s most expensive office locations. The highest office-occupancy costs are in the center of Prague, according to the report.

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