The Italian company Grandi Stazioni has lost its 30-year lease of the Main Railway Station in Prague, after failing to complete a renovation of the historical part of the building by October 2016. Grandi Stazioni won a 30-year lease of the premises in return for renovating the station in 2002 and the renovated newer part of the station opened in April 2011.
However the renovation of the historical part of the building was dogged by problems. The original deadline, in 2013, was extended until October 2016. Grandi Stazioni’s CEO Andrea Odoardi claimed the conditions of the agreement could not be met due to the poor condition of the historical part of the station which was much worse than anticipated, requiring more money and a significantly longer renovation schedule.
Czech Railways Administration says the deadline can no longer be extended, but the Italian company is still pushing for a compromise solution. Grandi Stazioni has said that otherwise it will take the matter to court, seeking damages for loss of profit as well the money which had already been invested into the reconstruction.
Share on:
