HN: Prague 7 considering Orco and PPF offers

Hospodarske noviny is reporting that last fall, Orco offered to sell the former Elektricke podniky building along the Bubny rail station site to Prague 7 for CZK 685m. That happens to be the same price it bought the building for from PPF Alpha back in 2006. The municipality is looking for new headquarters.

Prague 7 council member Ondrej Mirovsky said that buying the building plus  reconstructing the building would cost around CZK 1.6bn. HN writes that according to documents Orco sent Prague 7, the municipality would pay Orco CZK 200m, while an additional CZK 485m would be sent to Calyon bank, which financed the original purchase.

Prague 7 also looks to be considering an offer from PPF to buy and reconstruct its building Argentinska hvezda, a project that would cost the municipality CZK 1.3bn. HN does a good job explaining the basics of the two offers here (in Czech).


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