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Orco announces sales of Prague properties

Real estate developer Orco announced the successful execution of disposal of its three assets located in Prague, Vysocanska Gate, Jeremiasova Office Building and North East Corner, the part of Bubny land.

North East Corner is 10 000 sqm land for a commercial development located at the edge of overall 25 hectares owned by Orco. It was sold for a price €8.1 million to Skanska.

“We are very happy that the transaction proves the value as well as that Skanska Property shares the same vision and great expectation for the future of the Bubny location, extended downtown Prague”, said Ales Vobruba, executive board member at Orco.

Skanska Property also acquires Vysocany Gate, the Class A office 12 000 sqm building in Prague 9 at a value of €20 million. Tenants of this new office house are offered high modern office standards, including open space premises prepared for multiple layout arrangements, suspended ceilings, elevated floors, and others. The project also features an underground car park.

At the end of November also Jeremiasova office building fully leased located in Prague 5, 2,500 sqm of Class B+ has been sold to JAMP, s.r.o. for €2.6 million. (BBJ)