According to HN daily, UNESCO criticizes the plans for changing Prague’s skyline with new skyscrapers on Pankrac. UNESCO requires Czech Republic to reconsider the effect of changed skyline on the value of the historic downtown. Czech Republic should submit report how it takes care about its city districts by 1 February 2008.
Our view:
We see this news as negative for real estate companies which have plans to build high-rise building in Prague, however we don’t believe that ECM’s CITY Epoque project will be banned as it should be shorter than other 3 skyscrapers that are on Pankrac and these has already been there when Prague was put on UNESCO list. UNESCO expresses worries about Prague’s skyline in general as there are plans to build by two 150m towers by private real estate company in Prague 7. We see this news as trading neutral for (1 632 CZK, 1,81%).