No buyers in first auction for Zagreb’s Nama department store

The first attempt to sell the historic Nama department store—home to its flagship location at one of Zagreb’s most prestigious addresses—has failed to attract any buyers.

The auction’s starting price was €25.8 million, set at 75% of the property’s estimated value. Bidders were also required to offer all current employees the same employment contracts they hold now.

These prime properties sit in the heart of Zagreb, but if no buyers emerge in the first three auction rounds, the starting price for the fourth will drop dramatically—to just €1.