Karel Komárek Buys London Office Building in the Heart of the City for CZK 8.2 Billion
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KKCG Real Estate Group, part of Czech billionaire Karel Komárek's business empire, has acquired One St James's Square — one of London's most prominent office buildings. The seller was Hong Kong-based Lifestyle International Holdings, and the deal, including the land, was valued at £291 million, or roughly CZK 8.2 billion.
The building will remain with its current tenant until April 2028, when the lease held by oil giant BP's headquarters also expires. Only after that date will KKCG begin renovation work under a design that has already been approved.
What Will Change in the Building
The redevelopment plan will expand the building's floor area by up to 17%, bringing the total to roughly 11,200 square metres. The project includes a new façade, two additional storeys, and a rooftop terrace overlooking the square.
According to Zdenka Klapalová, Managing Director of the consultancy Knight Frank, this is a property of the very highest calibre — the kind that the world's biggest investors typically compete for. "One St James's Square sits right on the historic St James's Square, one of the most expensive office micro-locations in Europe," she noted back in May, when news first broke of the Komárek group's interest in the property.
A First Development Project in Britain
Komárek himself called the deal a major milestone for his company. "Alongside our activities in energy, entertainment and technology, KKCG Real Estate Group is now establishing itself in the international property market as well," the businessman said.
"London is one of the most competitive real estate markets in the world, and we're delighted to have secured our first development project in the UK. Our goal is to invest in exceptional assets, support outstanding teams, and build companies that stand the test of time," added the Czech billionaire, who ranks fourth on Forbes' list of the wealthiest Czechs.
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Source: seznamzpravy.cz
