Generali Real Estate acquires landmark mixed use asset in Prague
Generali Real Estate, on behalf of Generali Real Estate Fund CEE, has completed the acquisition of Palac Spork, a prestigious mixed-use asset located in Prague 1, from SEBRE.
Palac Spork is located in one of the most sought-after office and high street retail areas of the Czech capital, right next to the Namesti Republiky square and Na Prikope street, at a walking distance from the Old Town square.
Built in 1925 and fully renovated in 2017, with the addition of a modern component, the property represents a perfect combination of history and modernity, and offers around 10,000 square metres of office and retail spaces. The asset is currently fully let, with law firm Dentons as the main tenant. SEBRE will continue to be involved in the project as a property manager.
This operation is in line with Generali Real Estate’s strategy of investing in the main European cities, with a focus on prime office, high street retail and retail assets. It also testifies once more the company’s commitment to Central and Eastern Europe, where Generali Real Estate currently manages a portfolio worth around EUR1 billion across the whole region.
Generali Real Estate was advised by White&Case, PWC, Cushman & Wakefield and Arcadis.