Generali Real Estate, acting on behalf of Generali Real Estate Fund CEE, has completed the acquisition of Palac Spork, a prestigious mixed-use asset located in Prague, from SEBRE. Built in 1925 and fully renovated in 2017, with the addition of a modern component, the property represents a perfect combination of history and modernity and offers around 10,000m² of office and retail spaces. The asset is currently fully let, with law firm Dentons as the main tenant. The asset is located in one of the most sought-after office and high street retail areas of the Czech capital, right next to the Namesti Republiky square and Na Prikope street, within a walking distance from the Old Town square.
This operation is in line with Generali Real Estate’s strategy of investing in the main European cities, with a focus on prime office, high street retail and retail assets. It also testifies once more the company’s commitment to Central and Eastern Europe, where Generali Real Estate currently manages a portfolio worth around €1bn across the whole region. SEBRE will continue to be involved in the project as a property manager. The purchase price was not disclosed.
