PALÁC ARA in Prague 1 has changed owner

The refurbished style retail and office building PALÁC ARA is located in the very heart of the city center and occupies a prominent corner position at Perlová and 28. října streets. The location benefits from excellent public transport infrastructure and the building is situated directly above the exit of Můstek metro station (line B).

PALÁC ARA was originally built in 1931 in the functionalist style and named as ARA Department Store. In the post‑war period it was known as Perla Department Store until the 80s. During the 90s, the building was converted by ČSOB into a banking house.

A ČSOB branch still operates on the ground and first floor levels at this present time. The upper floor levels are currently in office use and there is a jazz club at first basement level.

LORDSHIP Group purchased the building from ČSOB in 2006 together with five other properties. The building was refurbished, the vacant floors were leased and the original name PALÁC ARA was returned to the building.

Colliers International introduced the parties concluding the transaction.

"We are pleased to have established a business partnership with ECE Group and we believe that this successful transaction could well lead to our further cooperation" said Ing. Martin Pilka, vice-chairman of the Board of Directors of LORDSHIP a.s.

ECE European City Estates Group is a long-term investor in real estate in the Czech Republic, as well as in other countries. Its Czech portfolio consists of commercial projects in Prague city center. "PALÁC ARA is truly an outstanding property, and we are excited about developing this property further" said Mr. Dejan Mansfeld-Rupnik , member of the Board of Directors of ECE Group.

For further information please contact:
Ing. Martin Pilka
LORDSHIP a.s.
Managing Director
martin.pilka@lordship.eu