BPD, a company established by the former owners of Czech Coal, has ventured into property development with a CZK 1.5bn investment in two office projects. The company plans to start construction on a 16,000 sqm office project to be called Terminal next to the Diplomat Hotel in Prague 6, near the Dejvická metro station. BPD plans to start building speculatively, according to the economic server e15. The project, originally called Evropská 11, has changed hands a few times already, after the original investor, the German property group IVG, withdrew from the Czech market. The project was then acquired by a joint venture between Metrostav and Navatyp, which eventually sold the project on to Lipa Development, a company connected with Czech Coal.
As for BPD’s other project, the company plans to transform the former Telecom switchboard on the other side of the Diplomat Hotel into a 20,000 sqm office building called Telehouse.
