The State Will Transfer a Majority Stake in the Congress Center to Prague, Acquire Other Properties

The state will transfer its majority stake in the Prague Congress Centre (KCP) to Prague, making the capital city its 100% owner. In exchange, the state will acquire the Faust House on Prague's Charles Square, part of the Homolce Hospital and a parking lot in front of the Ministry of Foreign Affairs. In addition, Prague will match the value of the properties with 2.21 billion crowns. The exchange was approved by the government today, the Ministr…

Prague will gain full ownership of the Congress Center in exchange for three properties and 2.21 billion crowns. The government has approved a swap that is expected to unblock the development of the key conference complex.