The project of a high-rise residential building in Pankrác may change owners

City Epoque - photo: ecm.cz

Prague - The CEI Estate company has expressed interest in the City Epoque high-rise residential project in Pankrác, Prague. The debt-ridden developer ECM Real Estate Investments (ECM) is selling the development plan. For sale, there is also an office building in Ostrava and the third phase of a residential project in Unhošť. The creditors' committee of ECM discussed the planned sales at its recent meeting, as reported by ČTK today from documents stored in the insolvency register.
    The package of properties that CEI Estate is interested in also includes the office component of the Pankrác Epoque project. The company Euro Property Investment is interested in purchasing land designated for another construction project by ECM, the third phase of the residential project in Unhošť near Prague. The office building in Ostrava named Varenská Office Center could also change ownership. A serious buyer for this property is the company UniCredit Turn-Around Management CEE.
    The sale of other office projects City Deco and City Element, which are set to be built in Pankrác, has been complicated by a restitution claim, which allegedly ECM was unaware of until May of this year, according to the minutes from the creditors' committee meeting. Creditors reportedly "expressed repeated astonishment and concern" about this, according to the document. Last year, construction company Skanska and Austrian firm S+B Gruppe showed interest in these two projects.
    In the Czech Republic, ECM is known primarily for the construction of high-rise buildings in Prague's Pankrác. The insolvency proceedings against the company began in 2011. In March of this year, the Prague City Court permitted the company to reorganize.