Ocenění konkrétního investičního záměru v oblasti komerčních nemovitostí

The aim of this master’s thesis is to assess the investment attractiveness of the acquisition of the Palladium shopping centre in Prague from the perspective of an institutional investor with a value-add investment profile. The thesis is divided into a theoretical and a practical part. The theoretical part defines commercial real estate as an investment asset, describes the typology of investors in the commercial real estate market, and discusses valuation approaches and the principles of institutional investment decision-making. The practical part first presents the subject asset, the transaction context, the location, and the relevant segments of the Prague commercial real estate market. Subsequently, a financial model of the acquisition is developed, incorporating operating assumptions, capital expenditures, tax implications, debt financing, and the assumed exit from the investment. The model results are evaluated using the equity internal rate of return, net present value, equity multiple, and sensitivity analysis. The conclusion formulates an investment recommendation and defines the conditions under which the acquisition of Palladium may be considered economically justifiable from the perspective of the modelled investor.