Mint Investments acquired Palác Euro and Palác Astra01.09.2014
Mint Investments group finalized the acquisition of Palác Euro and Palác Astra in Wenceslas Square at the end of June. Mint bought the buildings as a long-term investment on behalf of its private investors. Total transaction volume exceeded EUR 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 m² 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 microlocation 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.
About Mint Investments
Mint Investments is a leading Central European manager of real estate investments and founder and manager of private equity real estate funds, founded in 2002. With more than EUR 500M of assets under management across seven closed-end funds, Mint Investments counts amongst its investors some of the largest European and Northern American institutional investors as well as large Central European private investors.
Mint Investments offers services of an integrated real estate investment platform. Its teams cover investment management, development, asset management, leasing and property management. Mint employes over 50 professionals based in Prague, Bratislava, Pilsen, Opava, Olomouc, Most and Trenčín, covering the Czech Republic, Slovakia and southern part of Poland. All partners and individual division directors worked for prestigious Anglo-Saxon institutions in the past, both at home and abroad.
Our group is also well known in the CEE region through its subsidiaries CSIA (Czech and Slovak Investments Advisors) and DEVELON.