As part of its ongoing restructuring, ECM has sold City Deco and City Element in Prague 4-Pankrác to Austrian developer S+B Gruppe. Crestyl and Rea International, acted as advisors to EMC’s insolvency manager, Ivo Hala, and oversaw the sales process. Crestyl’s CEO, Omar Koleilat, said his company spent two years preparing these projects for sale in an effort to maximize returns for creditors. The deal was brokered by CBRE.
The E-shaped City Deco offers 18,000 sqm of office and retail space as well as an underground parking garage. City Element, meanwhile, includes 7,000 sqm of office space.
