Mint Investments group has finalized the acquisition of Palác Euro and Palác Astra in Wenceslas Square. Mint bought the buildings as a long-term investment on behalf of its private investors. Total transaction volume exceeded €40 million, vendor being Irish-based Avestus Capital Partners.
Mint plans to asset manage the properties very actively, leveraging its integrated real estate investment platform with a view to maximize long-term income and value of these unique assets.
Palác Euro and adjacent Palác Astra jointly offer over 6,000 sqm of leasable area. Palác Euro and Palác Astra are among very few buildings in the Wenceslas Square that offer first-class office and retail premises. Buildings are located in the lower part of the square, at the so-called Golden Cross. The micro location where Wenceslas Square meets with Na příkopě and 28 října streets is considered the most lucrative shopping destination in the Czech Republic and entire Central Europe.
Palác Euro was built in 2002 and encloses the west side of the lower part of Wenceslas Square. The building boasts a transparent glass facade and golden tower. It offers excellent accessibility, metro entrance being right next to the reception. Immediately after completion, the Palace won several architectural awards, including the prestigious Grand Prix of Architects (new building category), honourable mention – Piranesi Prize and it advanced into the final round of 2003 European Contemporary Architecture Awards / Mies van der Rohe Award. Palác Euro was designed by Omicron – K and DaM studios.
Palác Astra, formerly known as Lindt‘s house, was the first functionalist building built in Prague between 1925 – 1927, designed by architect Ludvík Kysela for the factory owner and artificial flower trader, August Lindt. An interesting feature of the building is the combination of a progressive, functionalist concept of the building with a pseudo-rococo stucco décor of the former Café Astra on the 1st floor and Cariocca wine cellar on the 1st underground floor by Berlin’s Paul Sydow. Ludvík Kysela, when designing the building, was reportedly inspired by two chocolate bars – dark and white, which he put back to back. The building was completely and sensitively renovated in 2011.
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