Penta is looking for a buyer for Florentinum, it can earn 7.5 billion
The Penta investment group has decided to sell its Florentinum office complex opposite Prague’s Masaryk Railway Station. The group has already started preparatory work for the sale, and wants to address any interest probably during May. He will select a sales consultant in the near future. The sale of Florentina, as one of the options after its fulfillment by tenants, Penta announced already when it opened two years ago.
According to the iHned.cz server, real estate agents estimate the price of Florentin at around 275 million euros, ie about 7.5 billion crowns. This would provide Penta with a return on capital in the tens of percent.
According to Penta spokesman Ivo Mravinac, the conditions for the sale are currently favorable. “Penta does not keep talismans. Today, he is hungry even for ordinary buildings, the ideal time for the sale of Florentina, “he said.
Pilot project in real estate
Florentinum is Penta’s first real estate project in the Czech Republic and about 160 million euros, in terms of about 4.4 billion crowns. The building offers a total of 49 thousand square meters of gross office space on nine floors, 7860 square meters of retail space, 3426 square meters of warehouses and 602 parking spaces. It includes a 3,000-square-foot square and the Desfour Garden. It is followed by the newly opened Motel One. The main tenants are EY and the law firm Havel, Holásek & Partners or Renomia.
Penta bought the building of Czech Typography, the former headquarters of the daily Rudé Právo, from the Austrian company S + B CEE Beteiligungsverwaltungs in January 2010. Construction began in March 2012, and was approved in October 2013.
In Prague, he also owns the Aviatica office complex in the Waltrovka complex in Jinonice, Prague. It will gradually complement apartment and family houses. The total cost of Waltrovka will exceed five billion crowns.
Penta is a Central European investment group, founded in 1994. It operates mainly in healthcare, financial services, manufacturing, retail and real estate. The group owns assets worth 6.7 billion euros (over 180 billion crowns). Penta operates in more than ten European countries and has offices in Prague, Bratislava, Warsaw, Munich, Limassol, Cyprus, Amsterdam and the island of Jersey.