Prague’s Kotva department store has been purchased by Generali Real Estate from the firm PSN.
Neither side disclosed the price, but the Czech News Agency (ČTK) reports it was approximately 4 billion CZK, which would make it one of the biggest real estate deals of the year.
The seven-story building with a total area of 28,000sq m will be renovated by Sekyra Group. Generali said the aim of the cooperation with Sekyra Group is to carry out an extensive renovation of Kotva in order to restore the prestige and status of a top shopping destination in the historical centre of Prague.
“We are proud to invest in this iconic property and look forward to fully refurbishing it, while preserving its historic value and adopting the latest recognised standards. This acquisition is fully in line with our strategy to invest in valuable assets in Europe’s most dynamic and fast-growing cities,” Ramon Spoladore, Regional Head of CEE & Nordics at Generali Real Estate, said.
Renovation is likely to start no sooner than next year, and the Prague 1 building department so far has only received requests for partial modifications. The building, which dates to 1975, was once a key shopping center in Prague, but it has since been overshadowed by more modern ones, including Palladium, which is across the street from it.
