Generalie sells City Empiria to Václav Skala's PSN

Generali has sold City Empiria in Prague 4's Pankrac district to the local real estate investor Václav Skala, owner of the PSN property group. As the server E15.cz points out, the two companies have some recent history as Generali acquired the Kotva department store in downtown Prague from PSN earlier this year. Skala is also an investor who has an appetite for landmark buildings, as he demonstrated by buying the Dancing House (Tančíci dům) along the Vltava river. At 104 meters, City Empiria is the third tallest building in the country, having been built in the 1970's and reconstructed by the developer ECM before it went bust. "We'd like the building to undergo a complete development and offer high-level services to our existing and future clients," PSN's spokesman Marek Janouch told E15. "It's also a clear signal from us that we're prepared to enter into further acquisition discussions."