Union Investment has bought the remaining 10 percent stake in Palladium shopping and office center in Prague 1. The price for this last portion of the asset is being estimated at around €57m, or CZK 1.5bn, at least based on last year’s valuation of €570m. Further large closings are foreseen in the near future, with Florentinum office complex in Prague 1 expected to set a new benchmark on the Prague office investment market. The price there is foreseen in the vicinity of CZK 7.5bn. Another iconic office complex, The Park in Prague 4, is to sell at a price around €400m and the sale of Letňany shopping center to CBRE GI in Prague 9 is expected to be completed in the near future as well, possibly at a price of around €300m.
