Real Estate Headlines

November 21st, 2007 | Current Issue

King Sturge making waves in Prague
After 16 years on the Czech scene, real estate giant has eye on residential market

Bringing the past into the present
Architect Vlado Milunić would like to rid the city of the ubiquitous panelák

Projects

The Nobis life
Interior design company decorates Prague

Celebrating a century
Historic Vinohrady theater turns 100 this month

Airport oasis
Courtyard by Marriott haven for weary travelers

Decor

BRIEFS COURTESY PHOTO The Hotel Jalta unveils its new look along Wenceslas Square Nov. 8. JALTA It’s official: Hotel Jalta has a new face. The unveiling ceremony was held Nov. 8 right outside of the Wenceslas Square hotel. The mayor of Prague 1, Petr Hejma, and Hotel Jalta General Manager Jan Adámek were on hand to cut the ribbon. The renovation work cost approximately 10 million Kč ($545,256) and was completed in less than six months. NEWSLETTER Frost & Sullivan’s Warsaw branch has released the newsletter Growth Opportunities in Central & East European Markets. The aim of the newsletter, which will be published every two months, is to inspire a discussion with market participants from all of the eight industry sectors that Frost & Sullivan covers by providing commentary on the latest market developments and trends. Those interested in subscribing should send an e-mail to joanna.lewandowska@frost.com. RANKING Prague is one of Europe’s top 20 cities for locating a business, according to a European Cities Monitor survey, which ranks the Czech capital at No. 14. These are the results of a study published by Cushman & Wakefield. The survey ranks cities on the basis of their ability to attract international companies. European Cities Monitor is based on interviews with managers in charge of expanding their businesses on international markets. PALLADIUM When the Palladium shopping mall opened last month on náměstí Republiky, 90 percent of the units in the 19,500-square-meter center had already been pre-leased. The list of tenants includes blue-chip companies, such as GES Group Finance, CTY Group, A-Consult plus, the Expert Institute, Gleiss Lutz Lawyer Office, Pinnacle Central & Eastern Europe the Developers and CB Richard Ellis. In addition, there are 70 shops and 30 restaurants to choose from. STOCK Plaza Centers announced its intention to list its shares on the Warsaw Stock Exchange. The company is already listed on the main board of the London Stock Exchange. Plaza Centers, which has been active in Central and Eastern Europe since 1996, says it does not intend to raise funds as part of this process. The company currently has 25 more projects under development, four of which are located in Poland. CLARIFY The HB Reavis Group clarified that it has no intention of entering any of the European or world stock exchanges. The company also says it is not planning a “partial sale” to a strategic partner, as it was recently reported by some Czech media outlets. Company representatives say it is “very premature” to make such speculations. HB Reavis Group opened branches in Prague and Budapest over the past year. SALE Deka Immobilien GmbH has purchased Lighthouse Vltava Waterfront Towers s.r.o., which owns the landmark property Lighthouse Buildings in Prague 7, for 76.5 million euros. The building offers 27,000 square meters of space and has attracted such tenants as Czech health insurance company VZP, Direct insurance company, Iscare Clinic, Sixth, Pharmaswiss, Deltax Systems, Konica Minolta, Impact-Corti and LMC, and Lenovo. AWARD The Valuation Advisory Department at CB Richard Ellis Prague has been awarded the 2007 Euromoney Award for Excellence in Real Estate for valuation services in the Czech Republic, the second successive year it has won the award. “We are extremely pleased to receive this award for a second year. The award represents industry recognition of the high level of service that we dedicate to our clients,” says CB Richard Ellis’ Iain Fanthorpe. OUTLOOK In the autumn 2007 edition of INVESCO Real Estate’s twice-yearly European Market Outlook, data suggest that the European economy remains robust. However, European real estate markets still face a number of challenges. For instance, the level of rental growth achieved by some markets over the past six months has exceeded expectations, potentially limiting future growth prospects. Also, the yield shift experienced over the past few years has come to an end.