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      "text": "We Estimate that CPI PG Overvalues Bubny by Approximately 100%",
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      "text": "valuation: 100%",
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      "text": "In the following slides, we describe JLL's methodology, our methodology, our data, and examples of data points from our own data set.",
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      "text": "We followed JLL, which values Bubny slightly lower than CPI PG's carrying value, in using the comparable method, making two estimates: 1) using the 2023 valuation of a sample set of 70 neighboring plots including 5 with modern developments; and 2) with the same sample set but excluding the 5 plots with modern developments.",
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      "text": "We use public land price value data from Prague's Building Land Price Map, a dynamically updated database from the city of Prague that uses both transaction data and statistical methods to establish likely land prices. Our investigators' queries with locals indicate that these valuations are regarded as well-founded.",
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      "text": "To create its current pricing model, Prague's Building Land Price Map started with 1,938 real estate contracts from 2021 and 2022 and then scrubbed the transactions to exclude outliers. This yielded a data set of 1,612 sales. From this set, 115 sales were selected as representative sales and applied to the pricing groups shown in the map. The pricing groups normally comprise multiple adjacent buildings.",
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      "text": "1 The Prague Building Land Price Map... 2 CPI FIM Consolidated Financials 2022... 3 https://app.iprpraha.cz/apl/app/cenova-mapa/index.html?lang=en",
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