Clifford Chance

Clifford Chance advises Generali Real Estate on the acquisition of Kotva Department Store

Clifford Chance Real Estate team advised Generali Real Estate, one of the world’s leading real estate asset managers, on the acquisition of Kotva Department Store in Prague city centre. Kotva Department Store is a 28,000 sqm, 7 storey building ideally positioned at Náměstí Republiky.

Generali Real Estate plans to return the iconic department store to its former glamour and position it as a high-level shopping destination in the historical centre of Prague, in partnership with Sekyra Group, a leading domestic developer.

The building has recently been listed among Czech cultural monuments for its architectural and historic value, however the department store requires a complete renovation in order to restore its original splendour and architectural footprint, enriched with efficiency and top-quality modern functionalities, and fully express its inherent value.

Milan Rákosník, Senior Associate leading the transaction, commented: "We are delighted to have the opportunity to work on such interesting transaction involving this iconic property".

The Clifford Chance team was led by Prague Real Estate Partner Emil Holub and Senior Associate Milan Rákosník, supported primarily by Associate Tereza Řehořová.