Orco buys Skoda Palace in Prague for €19m (CZ)

Orco Property Group has announced the successful acquisition of the administrative building, Škoda Palace, on Milady Horákové Street nr. 116, Prague 6. Orco acquired the building from an undisclosed foreign investor, and plans to reconstruct the entire property as A Class office space.

Škoda Palace in Prague.

Škoda Palace is an administrative building dating back to 1991, which is currently being occupied by the Škoda company. The property is located on Milady Horákové Street, Prague 6, directly next to the Hradèanská subway stop (line A). The locality enjoys a highly developed traffic infrastructure, providing future tenants with good accessibility to the city center, as well as to Prague's Ruzynì airport. Total area of the building is approximately 14.000 m². The investment is estimated at €19 million and was partially financed by a bank loan.

"This building is situated in a very attractive location of Prague 6, near the Prague Castle. The location of the building is advantageous for a number of reasons, not least of all the very good transport connections, both urban mass and individual transportation. This transportation will further be improved once the mid-sized circuit tunnel is completed nearby. The connection to Ruzynì airport will be even faster after the completion of the high speed track and underground metro extension. We believe that after reconstrustruction this building will afford quality office spaces to many satisfied tenants," said Aleš Vobruba, Senior Vice President Orco Property Group.

Source: Orco

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