SZDC suing Amadeus to invalidate Prague 6 land deal

SZDC suing Amadeus to invalidate Prague 6 land deal

Published at: 2019-06-19 10:00 | Author: CIJEurope.com
The state company SZDC that maintains the Czech railway system is suing the developer Amadeus to regain control of a 24,000 sqm plot of land in Prague 6 it sold the developer an option to in February 2018. However, the SZDC director who signed the contract with Amadeus was then fired and the company's new management considers it to be invalid. The value of the land, which Lidove noviny reports could be used for residential, retail and office developments, is huge, thanks to plans by the city of Prague to build a station along the new rail connection to the airport and to the town of Kladno. Amadeus has pledged to pay market value for the land, at the latest by the year 2030 but SZDC apparently believes it could earn more by making developers compete for it.

Similar Stories:

Chateau Žinkovy: Romantic Estate To Be Featured in Christie’s International Real Estate Portfolio
The Svoboda & Williams real estate agency has been exclusively appointed to broker the  »
Echo Investment starts developing Osiedle Stacja 3.0
Echo Investment broke ground on Osiedle Stacja 3.0 on Mińska Street in Wroclaw. The resid  »
Prime Kapital secures building for new resi project in Bucharest
Prime Kapital has secured a building permit for a new residential projects in northern Buc  »
Czech mortgage rates not finished falling
The Czech economy may be slowing, but the country's banks continue to fight each othe  »
Where do you see your company going over the next two years? Since I became GM of the co   »
Construction has begun on Bispevika, a brownfield project along Oslo’s waterfront that   »
PSN has sold 350,000 sqm of land to the dominant Czech residential developer Central Group   »
Investors from China, Russia and other countries are leading a growing influx of foreign f   »