VIG and Generali shopping for properties

Austrian VIG is close to completing the acquisition of Burzovní palác next to the Kotva department store in Prague 1, while Generali is working on the acquisition of Palác Křižík office building near Anděl at Smíchov, Prague 5. Burzovní palace is being sold by Pramerica as part of a portfolio of properties being offloaded as its investment funds terminate. Palác Křižík is being sold by its French investors, Jean-Francois Ehrlich and Jean-Louis Maréchal. The values of the transactions have not been revealed, but the server e15 writes that Pramerica bought Burzovní palace in 2006 from the Irish Kilcullen Kapital Partners for €25m (CZK 688m). Both VIG and Generali have been active in the property investment market: VIG recently purchased Havlíčkova Plaza, a mixed-use building, from FIM, while Česká pojišťovna (Generali) acquired Pařížská 26 from the same company.