Redstone, a Czech real estate investor and developer has entered into an agreement to acquire a 60,000 square meters of exclusive Prague properties, Atrium Flora shopping center and The Myslbek shopping gallery and administrative center. The value of both acquisition reached CZK 8 billion (approximately EUR 318 million).
Details of the transaction
REDSTONE
REDSTONE has been active on the market since 2015, developing, investment into and managing real estate assets with focus on projects with higher added value in the Czech Republic. The company specializes in the development, acquisition and management of properties such as administrative buildings, shopping centers and logistics assets.
Atrium Flora shopping and office centre
The Atrium Flora is a popular shopping and office centre in an attractive location of Prague, in the Vinohrady, Žižkov and Vršovice districts. The building offers approximately 40,000 square meters of retail and office space for rent. The building was constructed in 2001-2003 and provides 734 parking spaces, underground floors, including a connection to the metro station. Atrium Flora is profiled as a shopping centre focused on fashion and entertainment, it is also one of the few places in Central Europe where visitors can find an IMAX multiplex cinema. The seller on this transaction was an Israeli real estate group G City Europe, continuing their exit from the Czech market.
The Myslbek shopping gallery and administrative center
The Myslbek shopping gallery and administrative center was completed in 1996. Myslbek uniquely connects Prague’s high-street shopping area Na Příkopě with Ovocný trh via a passage. The building offers 16,940 sqaure meters of office rental space and 7,736 square meters of retail space. The property consists of seven above-ground floors and four underground floors, providing 326 parking spaces. The Myslbek building achieved the BREEAM Sustainable Building Certification. The seller on this transaction was Anatol Invest Holding, part of the French public financial institution Caisse des Dépots.
These acquisitions represent an extraordinary opportunity and development potential for the new owner in the real estate market. The goal is to continue to develop and improve both buildings and their offering for visitors as well as tenants.
KPMG Role
KPMG in Slovakia and KPMG Czech Republic provided financial and tax advisory services to REDSTONE on the acqusition of two prime properties, Atrium Flora shopping center and Myslbek in Prague.
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