Railway land in Prague's Holešovice was acquired by Orco Omikron

Prague - The railway land in Prague's Holešovice has been acquired by Orco Omikron in a tender, which offered the highest purchase price of 1.1 billion CZK. This amount is more than double the established minimum price, Anna Kodysová from the Railway Administration informed ČTK today. It is one of the largest undeveloped areas near the city center.
"A total of six entities entered the competition," Kodysová told ČTK. She did not disclose the names of the entities or the offered prices. The minimum price for the approximately 25-hectare area was set at 520 million crowns. The tender was announced by the administration in April.
The money received will not stay on the railway. According to the law, SŽDC must use it to repay financial resources provided in 2004 for settling liabilities of the former state organization Czech Railways.
Orco Omikron is a member of the Orco Property holding. The company plans to build apartments, a shopping center, modern offices, sports facilities, and recreational areas in the acquired location over the next ten to 15 years. It has already stated that it expects total investments of approximately 20 billion crowns. It plans to collaborate on the construction with leading Czech and world-renowned architects.

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