Czech Telecommunication Infrastructure (CETIN), part of PPF Group, sold its landmark tower in Prague 3-Žižkov to Central Group. CETIN announced last April that it planned to relocate its headquarters from the office and technology complex. Central Group reportedly outbid Penta in the tender. The price of the transaction was not disclosed. However, property professionals estimate it could be in the vicinity of CZK 800m, but it also depends on what will be built on the 4 ha site. Central Group head Dušan Kunovský told the server e15 that the developer is under no pressure to redevelop the property quickly and admitted that it plans to lease the office space for an additional seven years. Central Group completed Residence Garden Towers just next to the telecommunications building last year.
