Central Group has purchased Park Kavčí Hory, the residential portion of a project Hochtief has been working on for several years. The transaction went through recently, though it only took place after Hochtief managed to secure a construction permit for the four apartment buildings. The complex will offer 340 flats on a three hectares plot of land located next to Czech TV headquarters in Prague 4 Kavčí Hory. Hochtief bought the project, which consisted of residential and office portions, but ended up completing only the office segment, Kavčí Hory Office Park, before deciding to offload the rest.
For Central Group, the acquisition is another step towards more central locations, where higher prices are possible. In spring, it hit the very center of Prague, after acquiring a plot near the National Museum on top of Wenceslas square, where the website e15.cz says Central Group intends to build 50 high-end apartments.
