The Kotva department store at Nám. Republiky, opposite the Palladium shopping center, in the Prague city center is on the market. Its owner, Irish real estate company Markland, is leaving the Czech Republic and is offloading its assets in the country. Palác Kotva at Revoluční 1-3 is also for sale. Irish agency NAMA is overseeing the sale of Markland’s Czech properties. Kotva was built in the 1970s. Markland bought the property in 2005 and has since invested CZK 300m into its modernization. Richard Curran, head of CBRE, told Hospodářské noviny that Kotva could sell for around €60m. Cushman & Wakefield broker the sale of Kotva department store. The sale of Revoluční 1-3 is being brokered by JLL.
