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News Release

Prague

Revoluční 1 & 3, Mixed-Use Property in the Centre of Prague, Changes Owner 


Prague, 18 July 2016 – JLL exclusively advised the Irish investment and development company Markland on the sale of its mixed-use building in the centre of Prague. The property Revoluční 1 & 3 is situated on náměstí Republiky opposite Palladium, a prime shopping centre in the historical centre of the Czech capital. The asset offers over 7,700 sqm of office space and over 6,300 sqm of retail space with the premises multi-let, among others, to Slavia pojišťovna (Slavia insurance company) and Wilson & Partners (law firm) in the office premises and to Ambiente restaurant group and iStyle in the retail premises.     

"Mixed-use properties offering quality office and retail space in the centre of Prague are sought-after assets amongst international as well as domestic investors who appreciate their stable income, insulated cash flow and often opportunities to add value through development and asset management. Revoluční itself has been going through significant revitalization, driven mainly by the pedestrian flow spilling over from the vibrant náměstí Republiky that inspired the opening of many new retailers and quality restaurants. Additionally, there have been redevelopments completed recently such as Palác Dlouhá with its gourmet passage and new mixed-use scheme currently prepared by Eva Jiřičná Architects commissioned by the RSJ investment group" says Jakub Gajdoš, investment analyst at JLL Czech Republic responsible for the transaction on behalf of Markland.

Bryan Wilson of Wilson & Partners who acted for Markland commented "While the deal took longer than expected for various reasons, the sale shows the continued attractiveness of the Czech market to foreign investors. No deal is an easy deal these days, but JLL's commitment and assistance on this transaction made sure that it happened."

„The Czech property investment market is very liquid and capitalizes on the stable and growing economy. Until the date of the publishing of this press release, investment transactions in the volume of 950 million EUR were recorded. Current investment volume levels are supported by historically low interest rates and lack of alternative investment options", concludes Jakub Gajdoš.