The Palladium shopping centre in Prague is up for sale. The German investment company Union Investment is currently considering the sale of the highly sought-after property, one of the most valuable in the Czech Republic.
The Palladium shopping centre, popular with tourists, is up for sale. Currently owned by the German investment company Union Investment, it is one of the most valuable properties in the Czech Republic. The five-storey shopping centre on Republic Square (Náměstí Republiky) is expected to be sold for around €700 million.
“Union Investment is exploring the possibility of selling the Palladium shopping centre in Prague,” said Fabian Hellbusch, Head of Marketing and Communications at Union Investment, in an interview with business newspaper Hospodářské noviny.
The five-storey shopping centre on Republic Square (Náměstí Republiky) in the heart of Prague was built on the site of the former Jiří-von-Poděbrady barracks. Construction began in May 2005, and the Palladium was officially opened on 25th October 2007. It currently houses around 160 shops as well as 30 restaurants, cafés, and bars. The total area, including office space and the underground car park, spans 115,000 square metres.
According to Hospodářské noviny, Union Investment expects to realise approximately €700 million (around CZK 17.5 billion) from the sale. This high price reflects Palladium’s significance as one of the leading shopping centres in Central and Eastern Europe. The investment company paid €570 million (over CZK 15 billion) when it acquired the property in 2015.
