TheWrap: Out of Context at MIPIM

Lego is opening a 686 sqm store at Na Příkopě this autumn — its second in Prague, four years after the first at Westfield Chodov. For Prague's high street, it's another international anchor. For Lego, it's part of a broader logic that's driving its global expansion: displaying its brand where the footfall already is. The group now runs 1,112 branded stores worldwide, a number that rose by 83 in 2025. The company's net profit rose 21% last year to €2.23 billion. That included the acquisition of 29 Legoland Discovery Centers from Merlin Entertainments in key city center retail positions.

Kenneth Cole New York has chosen Prague for its European debut — a 200 sqm boutique at Westfield Chodov. Colliers managed full tenant representation from August 2025 through to signing, wrapping the process in under five months. The mid-price American brand said it was attracted by Prague's 8 million annual tourist arrivals and strengthening domestic purchasing power. Colliers' Stefanie Nguyenová says it's a gateway deal: Chodov will act as Kenneth Cole's launchpad for a wider European rollout.

ŠEBEROV Real Estate a.s. received a zoning decision in late 25–26 February for a retail and office complex on Prague's southern fringe. That’s eleven years after the investor began the process. Two to three floors, supermarket anchor, retail and offices above, 236 parking spaces. The traffic problem that defined the project for a decade remains unsolved: an intersection upgrade at Na Jelenách – Chilská is a condition of opening, not a done deal. Building permit is next. More on this in ThePrime.

REICO's acquisition of two rental buildings at Kaskády Barrandov is its third purchase from Finep in three consecutive half-years. What's different this time is that the new additions to its portfolio of managed assets are going into its new qualified investor fund: FKI REICO EPB I. The scheme is 207 units across two buildings in Prague's Barrandov, with underground parking and a 2028 delivery target. BTR Group — Zuzana Chudoba's specialist operator — takes on full lifecycle management from leasing strategy through post-completion property management. Are there now constraints on new acquisitions for REICO NEMOVITOSTNÍ? We'll find out eventually. FINEP certainly doesn't look like it's slowing down though.

Czech residential prices have been decelerating for three consecutive quarters. ČSOB Hypoteční banka CEO Martin Vašek says the Q4 2025 rise was 2.7%. That's still strong, but it's slower than the quarter before, and slower than the one before that. Still, the 2025 numbers are a bit scary. Apartment prices rose +13.6% and house prices were up 9.5% for the year. Overall, selling time per unit edged up to 4.8 months. But it's still too early to claim the market is stalling. Especially since the exception is land, where prices rose +2.5% q-o-q. in Q4 -- the strongest quarterly gain in nearly three years, thanks to buyers driven out of urban centers into the surrounding regions.

A neo-gothic castle near Prostějov will be transformed into a luxury senior resort thanks to a land swap and zoning change agreed with the Přemyslovice municipality. The deal covers 6 ha enabling six buildings and 160 beds to be built in phase 1. The expected investment volume is CZK 300 million to CZK 500 million. The press notes that the project is led by Petr Kellner's former crisis manager Richard Benýšek, who's building his own portfolio of forestry, farmland and commercial property across the Czecho-Slovak region.

Czech commercial investment reached €4.2–4.4 billion in 2025 — a record, per ARTN's 19th Trend Report — with Palladium, Myslbek, Atrium Flora, and the Hilton deals all landing in the same year. "Investors will focus primarily on residential projects and development land, and we expect continued strong activity from real estate funds across the Czech and Central European market," said ARTN president Zdenka Klapalová (Knight Frank). Domestic capital drove the majority of deals in 2025 and will likely do so again — though Czech funds are increasingly looking cross-border: ZDR recently picked up two Austrian retail parks recently for CZK 1.7 billion.

Flat Zone's Metroindex for H2 2025 — drawn from 3,486 actual cadastral transactions — proves there's no cheap residential available along the metro any more. The most expensive station to buy near is Staroměstská, where the average price per square meter is now CZK 253,975/sqm. That’s followed by Malostranská at CZK 246,941 (up 10% y-o-y). The biggest movers were Hradčanská (+24.6% to CZK 167,882/sqm) and Želivského (+24.8% to CZK 162,583/sqm). Line C, once Prague's practical alternative, now starts at CZK 125,044/sqm at Roztyly — itself up 15% — with Kačerov jumping 19.2% to CZK 170,245/sqm thanks to considerable availability of new build stock. Nádraží Holešovice rose 22% gain to CZK 181,312/sqm. The cheapest alternative for the whole metro network is Černý Most, where prices lag at CZK 118,423/sqm.

People on the move: Stewart Thomson has joined Colliers in Prague as Director, Capital Markets. It's a return for him to agency, after a nearly 5-year stint at Hines and a short spell working with BH Securities. Previous agency positions in Prague include years of work with both BNP Paribas and Knight Frank.