Generali buying Kotva from PSN for CZK 3.5bn

by   CIJ iDesk I
2020-02-13   11:09

Generali is to acquire Kotva for more than CZK 3.5bn according to media reports. The daily Hospodářské noviny writes that the current owner, PSN, bought the store in 2016 for something over CZK 2.5bn. PSN managed to stabilize the asset's income but the outdated department store has suffered in the new retail environment. PSN had ambitious plans for Kotva, which was built 45 years ago in the Brutalist architectural style of the time. PSN's idea was to find an international, luxury department store operator to commit to the building and to then undertake a complete, bespoke reconstruction. Generali owns numerous real estate assets in the Czech Republic. PSN's has a wide range of assets in its portfolio, including the iconic Dancing House and is an active residential developer. Neither party to the deal were willing to comment and it's not known what Generali's strategy will be, assuming the deal goes through.