This high end department store in Prague, which is occupied by Van Graaf, was acquired from MTK Developments, a Vienna-based European real estate firm specialising in value-add investments.

The asset is located on Wenceslas Square 17, Prague’s main mass-market shopping street, and comprised 12,000 sqm of rental area over six storeys. This acquisition will allow the pan-European retail property investment fund to diversify its portfolio exposure to Prague all the while benefitting from a secured income stream within a fixed long-lease term of over 35 years.