The Myslbek office and retail complex on Prague’s centrally located Na Příkopě Street has been purchased by Max Realitní Fund. The property was acquired from Anatol Invest Holding B.V., a holding entity whose asset management services were provided by AEW. Savills and iO Partners jointly represented the seller in a co-exclusive agency capacity and provided commercial advisory services.
The Myslbek shopping gallery and administrative centre offers 16,940 sqm of office rental space and 7,736 sqm of retail space. Completed in 1996, the building consists of seven above-ground and four underground floors, providing 326 parking spaces. This unique structure connects Prague’s high-street shopping area, Na Příkopě, with Ovocný trh via a passage. Named after a prominent artistic association that exhibited here in the first half of the 20th century, Myslbek is a vibrant space with the potential to positively influence life and activity in both bustling public squares. It also boasts a rare underground parking facility in this locality.
Fraser Watson, Head of Investment at Savills, says: “It is an honour to be involved in this significant transaction. I would like to extend my sincere appreciation to AEW for their trust in Savills and iO Partners and I am delighted that we have been able to help guide the sale to a conclusion. I wish the new owner, Max Realitní Fund, all the best as they take over ownership and begin the next chapter of this iconic building’s journey!”
“Myslbek is a landmark property that reflects the exceptional work and vision of its previous owner. This transaction highlights the sustained demand for prime assets in Prague, and we are proud to have supported AEW during this complex divestment process. We are confident that the new owner, Max Realitní Fund, will uphold Myslbek’s exceptional legacy and continue its role as a vibrant hub for business and retail, maintaining its key position in the heart of Prague,” adds Petr Strýček MRICS, Head of Capital Markets at iO Partners.
Richard Morávek, one of the founders of Max Realitní Fund, says: “Myslbek presented an extraordinary opportunity that rarely arises in the real estate market. It is an exceptional property in an unparalleled location in Prague’s “Golden Cross” area, between the National Museum, Můstek, and náměstí Republiky. We believe Myslbek has significant growth and value appreciation potential. As with our other properties, we plan to improve the building and its offerings. We intend to revive the interiors concerning the original architecture, diversify the tenant portfolio, and consider the creation of a stylish destination dining zone. The primary goal will be to integrate Myslbek fully into Na Příkopě street and Ovocný trh, making it a dynamic and integral part of the city.”
The Buyer and the Seller agreed not to publish details of the final transaction price or yield.
