Penta Investments has acquired the Česká Typografie (Czech Typography) building complex (former Rudé Právo building) from the Austrian S+B CEE Beteiligungsverwaltungs. It is situated in Prague 1 between Na Florenci Street and Na Poříčí Street. It is Penta's first project in real estate development in the Czech Republic.
On the site of the current building Penta plans to build a new administrative centre and invest about EUR 200 million.
“We plan to build a unique ‘A’ category office and business center that will significantly improve the image of the surroundings. I am sure that this project will be immensely attractive for its future customers due to its location in the centre of Prague and unique transportation accessibility,” said Petr Palička, director of Penta Real Estate division in the Czech Republic.
Currently there are 25,000 m2 of ‘B’ category office space and 45,000 m2 of storage space, with sufficient parking spaces. Penta’s goal is to build a modern administrative center that will match all the clients’ requirements for the high quality administrative and retail spaces, including underground parking. In 2010 and 2011 Penta will be working on an zoning approval and a building permit. The construction itself is planned in several stages for 2012-2015. By then the building, garages and storage units included will be available for long-term and short-term rent.
Penta has been involved in real estate development since 2005. Currently Penta is running nine projects in the Slovak Republic and its first project in the Czech Republic. Penta focuses on segments of administration, retail, and recreational activity segments, as well as the preparation of locations for new projects.