CPI to sell Živnobanka building to Chinese giant

Investment & finance
CZECH REPUBLIC CPI Property Group has entered into a preliminary agreement to sell to CEFC China Energy Company Limited the historic former Živnobanka (Živnostenská bank) building in Prague.

The fin de siècle building, will serve as the Chinese company’s European headquarters, which is located on the corner of Na Příkopě and Nekázanka streets, comprises 19,000 sqm of office space in three buildings – two of which are listed cultural monuments. It was built between 1896 and 1898 according to a neo-renaissance style design by Osvald Polívka. No further details about the terms of the transaction have been disclosed.

“We truly value the unique architecture, excellent location as well as the spirit of the building, which served as the seat of a bank for a long time. CEFC is a financial institution and as such it wishes to follow up with the legacy of the building,” commented Chan Chauto, the president of CEFC, which is the sixth biggest company in China.

CPI acquired the building in 2011 from UniCredit Bank and has redeveloped it into prime offices, retail space and will continue to develop the ZIBA Glass Experience Museum on the premises. “We are proud that CEFC selected the offices at the Živnobanka building for its corporate seat in Europe. We wished to find a prime company which would be able to adequately use the premises. No less important is the fact that CEFC will join us as a partner for the Glass Experience Museum and there is potential for further business co-operation between our firms in the future,” added Zdeněk Havelka, the executive director of CPIPG.