Cpi takes 50% stake in prague's flagship copa centrum project

Czech Property Investments (CPI), a Prague-based company owned by financier Radovan Vitek, has purchased a 50% stake in the Copa Centrum Narodni in a landmark transaction for the Czech property market.

Copa Centrum Narodni, a 28,000 m2 office and retail scheme in the heart of Prague, represents the largest new construction in the city and is expected to involve a development cost of some EUR 160 mln. Designed by architects Cigler Marani, the scheme received building permission in late 2008, but construction has yet to start.

CPI purchased the 50% interest from a German private investor, Interco Holding. Developer Copa is retaining the other 50%. Financial details were not disclosed.

The deal reflects a rise in investors' appetite for prime development opportunities, commented James Chapman, partner at C&W's Capital Markets team, which advised the seller. 'This is due to healthy occupational demand and the ability of good projects to secure financing,' said Chapman. 'We expect this trend to continue during the next twelve months.'

Source: Property EU