• Capabilities: Financial Institutions

Kotva Department Store

Prague, Czech Republic - Perhaps the biggest transaction of this year took place on the Czech commercial real estate market: the sale of the Kotva department store in Prague, an icon of Czechoslovak architecture in the first half of the 1970s. Arcadis has advised Generali Real Estate on the acquisition of this 28,000 square meter seven-story building in the Prague city center.

28,000 m2

Total area

Prague’s Kotva department store has been purchased by Generali Real Estate from the company PSN. Neither side disclosed the price, but the Czech News Agency (ČTK) reports it was approximately 4 billion CZK, which would make it one of the biggest real estate deals of the year.

Generali said the aim is to carry out an extensive renovation of Kotva in order to restore the prestige and status of a top shopping destination in the historical center of Prague. The building, which dates to 1975, has been listed as a Czech cultural monument since April 2019. Efforts to get it recognized as a significant work of post-war architecture began in 2007.

Technical Due Diligences (TDD) has been carried out for our client Generali Real Estate, with the intention to buy an existing building. This TDD project in particular consisted of a review of the actual buildings´ technical state including a cost estimation of identified defects and designs of their removal. The Arcadis team was led by Jan Podzimek and Pavel Obermajer, supported by other professionals in the expert team. Arcadis provided detailed Technical Due Diligence (TDD) and following technical consultancy services during the transaction.

,, After the decades on the market and several completed major real estate transactions to date, the Arcadis team was extremely excited and proud of the opportunity to play a significant technical role during the Generali acquisition of the Kotva, the prestigious retail asset with a unique historical footprint in Prague. We congratulate Generali on the successful closing of this exceptional acquisition and look forward to continuing our cooperation on the next Generali projects in CEE or worldwide, ” said Jan Podzimek, Head of Financial Institutions at Arcadis.


Outcomes

28,000 m2

Total area

Questions about this project

Ing. Jan Podzimek

Head of Financial Institutions +420 607 170 521 Ask me a question
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