VB Real Estate Leasing, originally a part of Volksbank Group, has put the historic building at náměstí Republiky 7 in Prague 1 on the market. Colliers International will broker the sale. Located next to the Kotva department store, opposite the Palladium shopping center, the building used to house the headquarters of the Czech National Socialist Party, which was forced to sell the property in 2002 to pay off its debts. The party got CZK 212m for the building, which currently houses a ČSOB bank branch office.
Nám. Republiky is one of Prague’s top real estate locations and was the focus of some of the most expensive property transactions in recent years, including the sale of the Palladium shopping center to Union Investment for €570m in 2015. Kotva also changed hands last year and was taken over by Pražská správa nemovitostí. The former monastery next to the Hybernia theater was sold to Slovak billionaire Milan Filo for CZK 790m. The sale of UniCredit’s headquarters in October 2015 broke the 5-percent yield benchmark for the first time since the financial crisis.
