City Epoque Residence, the high-end V-shaped apartment building ECM planned to build in Prague’s Pankrác business district, has changed hands. The heavily indebted developer has sold the project to the Luxembourg-based company Aceur Investment. The investor has bought a neighboring plot as well, where it plans to build offices instead of the originally planned hotel. The price of the transaction has not been disclosed. PSJ Invest mediated the transaction and will be further involved as a developer of both projects.
ECM has been in bankruptcy proceedings since last year but was allowed to reorganize by the Prague city court in spring. The company sold a plot in Pankrác to Skanska Property, which will build the project City Parkview there.
ECM also sold off Várenská Office Center in Ostrava. ECM is also working to off-load its Terasy Unhošť residential project outside Prague. The value of the company’s debt, however, is higher than the value of its assets, according to the economic daily Hospodářské noviny. While the value of its assets amount to CZK 1.2bn, the total value of claims acknowledged by the insolvency administrator run to CZK 2.2bn.
