Penta wants to sell Florentinum, potential buyers will be approached in May

Praha - The investment group Penta has decided to sell its office complex Florentinum opposite Prague's Masaryk Station. The group has already begun the preparatory work for the sale and plans to approach potential buyers likely during May. In the near future, it will select a sales advisor. Penta's spokesperson Ivo Mravinac told CTK today. The sale of Florentina, as one of the options after it is fully leased, was announced by Penta at its opening two years ago.

According to the website iHned.cz, real estate agents estimate the price of Florentinum to be around 275 million euros, approximately 7.5 billion crowns. This would ensure a return on capital for Penta in the tens of percent.

According to Mravinac, the current conditions for sale are favorable. "Penta does not keep talismans. Today, there is demand even for ordinary buildings; it is the ideal time to sell Florentinum," he told CTK.

Florentinum is Penta's first real estate project in the Czech Republic and cost approximately 160 million euros, or about 4.4 billion crowns. The building offers a total of 49,000 m² of gross office space over nine floors, 7,860 m² of retail space, 3,426 m² of storage, and 602 parking spaces. It includes a 3,000 square meter large square and Desfours Garden. Next to it is the newly opened Motel One hotel. The main tenants are EY and the law firm Havel, Holásek & Partners as well as Renomia.

Penta purchased the building of the Czech Typography, the former headquarters of the newspaper Rudé Právo, from the Austrian company S+B CEE Beteiligungsverwaltungs in January 2010. Construction began in March 2012, and it was approved in October 2013.

In Prague, Penta also owns the office complex Aviatica in the Waltrovka area in Jinonice. This will gradually be complemented by residential and family houses. The total costs for Waltrovka will exceed five billion crowns.

Penta is a Central European investment group founded in 1994. It operates primarily 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 countries in Europe and has representation in Prague, Bratislava, Warsaw, Munich, Limassol in Cyprus, Amsterdam, and the island of Jersey.