3Things: Křetinský gets cold feet with Foot Locker, P3/QSL and Arcus City

Robert McLean

#cee, #proptech, #development a #architecture

Vesa Equity Investment, otherwise known as the investment vehicle of billionaires Daniel Křetínsky and Patrik Tkáč, has sold off $43 million worth of shares in the footwear giant Foot Locker. The Czecho-Slovak duo bought into the company in 2020, when pandemic panic pushed its share price down to just $21. The investment looked like a master stroke months later, when a surging stock market sent Foot Locker’s share price up past $60. But impending recession and the end of free money has seen the price fall to just $31. Despite the sell-off, Vesa still holds the largest shareholding in the company, with more than 12%, meaning the stake is currently worth around $364 million.

QSL has taken over a new facility along the D11 motorway near Nehvizdy, a deal which marks the completion of the P3 Prague D11 industrial park. The industrial developer P3 began work on the project in 2015, which accesseses the motorway at Exit 8. The scheme eventually grew to 154,523 sqm, with the largest of its eight buildings over 39,000 sqm. Other tenants include Lidl, FM Česká, Saint Gobain and ČKD Howden. QLS is a food logistics company. It began trial operations in mid-July.

UBM Development Czechia has completed the shells of buildings E and F in its Prague residential project Arcus City. A total of 150 units of up to 4 rooms make up the 6-building first phase of this project, located in the Řeporyje neighborhood on the southwest edge of Prague. As with most things residential in the Czech capital, almost all of the units have been sold. Completion is due in the second half of 2023. Work on further phases is already underway, including three high-rise buildings in the center of the scheme. “Demand for new flats continues, even if it’s a slower tempo now,” says UBM sales director Alice Slamova. The third phase of Arcus City will employ hardwood panels, an approach the developer says will reduce the project’s CO2 footprint and reduce the time needed to complete construction.

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