České dráhy, the Czech railway company, has successfully completed the sale of the remaining land at Smíchov Station in Prague to Sekyra Group for just under two billion Czech koruna (approximately 87 million USD). The transaction encompasses over 126,000 square meters of prime real estate. České dráhy disclosed that they have received a total of 2.4 billion koruna for the Smíchov land.

The sale is a pivotal development in the ongoing Smíchov City project, which has been in progress since 2004. The first phase of the project began in 2019 when Sekyra Group acquired a portion of the land. This initial purchase laid the foundation for the subsequent sale, making it the highest revenue generated from the sale of real estate to a private entity in České dráhy’s history.

Negotiations between České dráhy and Sekyra Group played a crucial role in determining the final purchase price. Initially, Sekyra Group had the right to acquire the land at a lower price determined by previous expert appraisals. However, České dráhy initiated a new appraisal and engaged in negotiations with the buyer to establish a revised price, resulting in an additional 300 million koruna.

Both parties aimed to reach a mutually acceptable agreement to avoid a protracted legal dispute that could have hindered the project. The final purchase price represents a compromise between the two entities and confirms the significance of this historic real estate transaction.

The Smíchov City project, overseen by Sekyra Group, is set to transform the area surrounding Smíchov Station into a vibrant district encompassing residential, administrative, commercial, and public spaces. The development, spanning 400,000 square meters, is anticipated to accommodate over 12,000 residents and workers upon its completion, estimated to be in 2032. Additionally, the renovation of Smíchov Station is part of the ambitious project, enhancing the connectivity and accessibility of the area.

The successful sale of the remaining land marks a significant milestone in the evolution of Smíchov City, contributing to the continued growth and development of the district and the city of Prague as a whole.

Article by Prague Forum