ČS real estate fund bought the City Tower building for 4.4 billion

Prague, September 30 (ČTK) - ČS Real Estate Fund has purchased the City Tower building in Prague's Pankrác from PPF Real Estate Holding. The value of the transaction is 4.4 billion crowns. Czech Savings Bank (ČTK) announced this today. With a height of 108 meters, City Tower is the tallest building in Prague and the second tallest in the Czech Republic.

"The acquisition of the building is a milestone in the development of the ČS Real Estate Fund and one of the most significant transactions in the commercial real estate market in Central Europe this year," said Filip Kubricht, Chairman of the Board of the investment company Reico, which manages the fund.

With this purchase, the ČS Real Estate Fund increased the number of properties in its portfolio to ten. The total market value of these buildings after the acquisition of City Tower exceeded 11.5 billion crowns. Following the purchase of Rohan Business Center in Prague 8 and the sale of the logistics complex Barbican in Prague 6, this is the fund's third transaction completed this year. The fund now owns six properties in Prague, two in Bratislava, and one each in Brno and České Budějovice. City Tower has the highest market value and the largest leasable area.

City Tower has 27 above-ground floors primarily with office spaces and three underground floors with 781 parking spaces. The total leasable area is approximately 48,900 square meters. All available leasable space in the building is fully occupied. The largest tenant of the building is Raiffeisenbank, which occupies about 40 percent of the total leasable area. Management and operation of the building is provided by the consulting company CBRE.

The building was completed in 2008 according to the architectural design by Richard Meier from the architectural studio Richard Meier & Partners Architects. The construction included a complete reconstruction of the original unfinished building from the turn of the 80s and 90s of the last century. With its 108 meters (116.5 meters including the antenna), it is the tallest building in Prague and the second tallest in the Czech Republic after the AZ Tower in Brno.

The ČS Real Estate Fund is the oldest mutual real estate fund on the Czech market. By the end of August, it had 45,000 investors. PPF Real Estate Holding manages assets worth 54 billion crowns and operates in both the European and Russian real estate markets.