On 4 November 2008, the Penta investment group, Banca IMI S.p.A., Milano and Všeobecná úverová banka, a.s., signed loan documents converting a short-term loan into a comprehensive medium-term facility to finance the 2nd stage of the Digital Park project.
By signing the loan documents, complete funding has been secured for the construction of the 2nd stage of the project with a budget totalling € 80.7 million. The purpose of the loan is to refinance the construction work that has been carried out so far and finance subsequent capital expenditure to extend the project.
“The signing of the loan documents demonstrates that a quality project can gain confidence of banks even in these turbulent times. I take this as a very good signal for our projects,” said Jozef Oravkin, Managing Partner of Penta Group.
“We consider the first phase of the Digital Park project as one of the most successful office projects that our bank has helped to implement. The 2nd phase, with its concept, high occupancy rate and high quality, has also convinced us,” said Jozef Kausich, Member of the Board of VÚB bank.
The Digital Park project marked Penta’s debut on the real estate market in 2005. The key characteristic of this office project is easy-to-remember and clean design, with emphasis on interior and exterior greenery. It is located on Einstein Street in Bratislava. The two phases of the project bring 53 000 sq. m. of Class A rentable space to the market, delivering a new administrative centre with complementary retail and service functions. The total capital expenditure for this project is € 100 million.
Progress of the investment project
Phase I – completed in 09/2006, office space fully occupied – 12,600 sq. m.
Phase II – under construction, 70% occupancy rate, date of completion 04/2009 – 40 500 sq. m.
Further project phases, delivering office space estimated at 40 000 sq. m., are under preparation.