This week, Max Real Estate Fund announced the acquisition of two prime Prague properties worth an estimated 8 billion Czech crowns: Atrium Flora shopping center and Myslbek. Richard Morávek’s company bought Atrium Flora’s and its 40,000 sqm of GLA from G City Europe. Myslbek (17,000 sqm of office plus 7,700 sqm retail passage) had long been in the hands of the French state group Caisse des Dépots.
Morávek plans significant modernization investments in both properties, including a new gastronomy zone to replace the rather tired facilities in Myslbek. The conclusion of these acquisitions brings Max Real Estate Fund’s portfolio value to 19 billion crowns with a GLA of 156,000 square meters. Savills and iO Partners jointly represented the seller in a co-exclusive agency capacity and provided commercial advisory services.
Myslbek’s upstairs are could use new energy
“Myslbek presented an extraordinary opportunity that rarely arises in the real estate market,” said Richard Morávek, boasting that the asset has significant room for value appreciation. “We intend to revive the interiors with respect to the original architecture, diversify the tenant portfolio, and are considering the creation of a stylish destination dining zone.” He said his main goal was to integrate Myslbek fully into Na Příkopě street and Ovocný trh, making it a dynamic and integral part of the city.
Morávek has been on a buying spree since setting up his fund in 2023. Last year, he bought the Palác Pardubice from G City Europe, which joined a portfolio that already included the Šantovka Gallery shopping center and Envelopa Office Center in Olomouc.
As with Myslbek, Morávek sees enormous potential in Atrium Flora’s location. Prague 3 should house up to 20,000 new residents in coming years once Central Group, Sekyra Group, Finep, and Penta’s plans are realized. “We want to keep pace with this area’s development,” Morávek told Hospodářské noviny. “Our goal will be not only to maintain the Flora commercial and social center, but to further develop and systematically improve the quality and selection of shops and services.”
