Penta has sold a building in the immediate vicinity of Florentinum in an international tender which lasted for more than five months. The highest bid in the amount of EUR 25 million was submitted by CEFC China among potential buyers from England, Europe, the Middle East and North America.
“The building is in the centre and we renovated it with the utmost of care. But the bids we received surprised me despite this. Seven investors were willing to pay more than twenty times the annual profit before tax. For Penta, this is a success comparable with sale of Florentinum.”
David Musil, Penta, Director for Residential Construction in CZ
“From a long-term point of view, this is a very attractive investment for us which builds on our acquisitions in terms of Florentinum which we already own. We look for projects in which the property is also linked to other business opportunities. The properties are in great demand today and due to the position of the building, its quality and also the long-term contracts with the tenants there, we clearly regard this as a good opportunity.”
Marcela Hrdá, Executive Vice President of CEFC
Penta completed renovation of the building in the immediate vicinity of the Florentinum administrative complex at the end of 2014. The most important tenant is currently Motel One which operates a chain of 42 design hotels throughout Europe. The retail section is home to a Dr.Max chemists, a Koscom luxury wristwatch outlet and La Formarggeria, a shop selling cheeses and Italian specialities.
Penta chose the consultants Knight Frank for exclusive representation during the sale.
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