Penta opens the Florentinum complex in Prague. The first investors are calling
Finishing work has not yet been completed in the new Florentinum office complex, and the Penta investment group, as a developer, is already the first person interested in buying the building.
“We had quite serious negotiations because we were approached by about two large foreign funds that were interested in buying a building that had not yet been fully leased,” said Petr Palička, head of Penta’s domestic real estate projects.
But he doesn’t want to sell Penta yet. The group’s original financial plan did not envisage leaving the project until mid-2015, a date when the developer wants 95 percent of offices leased.
“If we sell, it will be when the house is full, so that we do not have to give any discounts, for example,” added Penta’s manager. The total investment in the project, which Penta certainly wants to value well, is about 160 million euros, ie about 4.4 billion crowns.
Florentinum, built on land on which the former Red Law building stood out a few years ago, has about 49,000 square meters of gross office space. Currently, about 70 percent of them are leased. The first tenants of the offices were welcomed by the developer on Monday.
The main tenant is the consulting company EY, which leased 9,000 square meters in the building. another tenant whose employees have already moved to Florentina is the law firm Havel, Holásek & Partners. Among the smaller tenants in the area is also, for example, the company RSJ entrepreneur and activist Karel Janeček.
Penta moves to Florentino in late spring
The grand opening of the Florentine-designed architectural studio Cigler Marani Architects will take place at the turn of spring and summer. That is, at a time when Penta herself and other companies in the group will move into the office.
Penta is also grinding its teeth on other development projects. He has already started building offices in Jinonice, Prague. However, he wants to grab a much larger portion just opposite Florentin, where it will be possible to build tens of thousands of additional administrative areas on the lands of Czech Railways adjacent to Masaryk Railway Station. Palička estimates that the construction of “Masaryčka” could start sometime in 2015.
Penta Investment Group |
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Penta is a Central European investment group, founded in 1994. It invests primarily in energy, retail, healthcare, aerospace, engineering, entertainment, banking and real estate. It operates in more than ten European countries. Last year, it had a profit of 147 million euros, the value of the group’s assets was 5.9 billion euros. |