Peter Noack, head of HOCHTIEF Development Czech Republic s.r.o, today announced that construction work on the Trianon complex in Prague's 4th district will commence in the second quarter of 2007. Final planning permission has now been granted. With the complex already sold to Hamburg-based Union Investment Real Estate AG, this means that realization and marketing of this ambitious Prague office project can now proceed.
Artist impression of the
Trianon complex in Prague
HOCHTIEF Development is building the office/retail complex, which will have a gross floor area of approximately 23,000 m² and be completed by December 2008, on an 8,000-m² site on Budejovická Street. "Prague 4 is one of the key office markets in the Czech capital. At 3% it has the lowest vacancy rate of the city's four main submarkets, so success for Trianon is assured," says Dr. Frank Billand, a member of the Management Board of Union Investment Real Estate AG (formerly DIFA).
The upper stories, comprising 18,500 m², are dedicated to office space, while the ground floor will feature retail outlets and a restaurant, thereby integrating the building into the surrounding area. Floor layouts can be modified to suit specific user requirements. There is also underground parking for 298 cars plus 8 spaces for visitors. Trianon's central location is enhanced by direct access to the D1 motorway, Prague ring road and public transport. The plans for Trianon are the work of highly respected Prague architects Pata & Frydecky.
Noack reports strong interest from potential tenants even before building work gets under way. HOCHTIEF Development and Union Investment Real Estate expect to sign the first leases before the end of the year.
Union Investment Real Estate acquired the Trianon project for its UniImmo: Europa (formerly DIFA-GRUND) open-ended fund by purchasing a property company. The Prague portfolio of this Union Investment Real Estate AG fund also includes a 49% stake in HOCHTIEF's Technopark Pekarska project, as well as a 49% stake in Danube House. Designed by Kohn Peddersen Fox, multi-award-winning Danube House is located in Prague's River City.
Source: Union Investment