Redevco completes City Palais acquisition in central Prague

Redevco has acquired the City Palais building in central Prague for more than €40m from a group of private investors. Redevco completed the transaction for the building, which lies in the heart of Prague's high street, on behalf of one of its investor clients. Designd by the Czech architect Matěj Blecha, it offers a total floor area of over 7,400 sqm. Daily footfall of 150,000 people and quick access to multiple public transport links should make it attractive to retail tenants. Dirk Adriaenssen, Managing Director Redevco’ Switzerland & Central Europe, said: “Our first investment in Prague, one of Europe’s strongest performing cities, offers a fantastic opportunity to create a prestigious flagship store in a super prime location." MAX Immo and Dentons advised on the deal.