The German investment firm Union Investment is reportedly considering the sale of the Palladium shopping center in central Prague.

According to Hospodářské noviny (HN), the company aims to secure approximately CZK 17.5 billion (around 700 million euros) — for the property.

For context, Union Investment acquired Palladium in 2015 for 14.3 billion CZK (roughly 570 million euros at the current exchange rate).

Fabian Hellbusch, head of marketing and communications at Union Investment, confirmed the possibility of selling the shopping complex.

He explained that the recovery of retail markets after the Covid downturn has led to renewed buyer interest. “Buyers have returned and are prepared to pay competitive prices for quality assets,” he noted.

The property owner has enlisted CBRE to manage the sale. The consulting firm, which played a role in the center’s previous sale a decade ago, now stands ready to facilitate this high-profile transaction.

Additionally, Josef Karas, head of the investment department at Knight Frank, remarked that “the price reflects Palladium’s status as one of the top shopping centers in Central and Eastern Europe.”

Palladium opened in 2007 and contains 170 shops and 30 restaurants, with a retail area of 39,000 square metres.

There is also designated office space in the building totalling 19,500 square metres. The site where Palladium stands was under control of the Army until being sold in the 1990s.

The new design has retained the facade of the previous Josef Barracks building. During the construction process, a number of medieval ruins were found underneath the construction site in an archeological excavation.

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