ČSOB plans optimization of their real estate portfolio

The total value of the transaction is expected to exceed CZK 1 billion

The ČSOB company has been optimizing the portfolio of its properties and has been planning a sale of four major commercial premises in Prague. The portfolio optimization, the cost reduction and the relating construction of the new premises in Radlická street in Prague 5, where ČSOB has been planning to extend its headquarters, are the main reasons for the properties divestment. The sales process of these properties is provided by the CBRE and Knight Frank.

In 2008, the ČSOB headquarters in Radlická valley was awarded a gold certificate within the framework of LEED, the internationally recognized rating system of responsibility for the environment, which ranks the headquarters as the largest office building fulfilling the comprehensive environmental requirements in Europe. ČSOB was awarded the LEED certification as the first entity in the Czech Republic. The building has also won a number of other architectonic awards. The ČSOB has decided to use the land in Radlice for further integration of its headquarters. Currently, the follow-up stage of the development of the unique complex, in particular in terms of environmental and architectonic aspects, is in progress. “The development project of a next phase of ČSOB HQ building being implemented and also the successful sales of certain buildings completed in the past are the reason why the company has decided to sell the four commercial properties in Prague,” says Daniel Rubricius, Manager of the Real Estate and Investment Division, ČSOB.

The offered properties in Prague, where the total transaction value is estimated to exceed CZK 1 billion, provide approximately 38,000 sq. m. of gross floor area. Properties are situated in the following locations Kateřinská 40 (Nové Město), Na Pankráci 310 (Pražského povstání), Roztylská 1 (Chodov) and U Průhonu 56 (Holešovice).

“A very attractive combination of various types of commercial properties will create an interest from the side of wide range of investors and developers across the Prague market..,” says Jan Hospodář, Director of Sales & Acquisitions, CBRE. The transactions are assumed to be completed before the end of this year: “We are planning to approach large number of czech private equity investors as well as well-known czech and foreign investors and developers..,” explains Hospodář.

The ČSOB company is planning to use the sold premises to a certain extent in the future. For the time after the sale of the properties until completion and moving in the new premises in Radlická, ČSOB will leaseback the commercial space in buildings Na Pankráci and U Průhonu. Part of the retail area in the building Na Pankráci will remain to be used as a company retail branch.