Penta bought Waltrovka, will build a district with apartments and shops

Prague - The Czech-Slovak financial group Penta Investments has purchased land from the Czech-Irish company Red Group, where the former Waltrovka factory was located in Prague's Jinonice. The plan is to build a district with apartments, shops, and offices for approximately 200 million euros (4.9 billion crowns). This has been reported by Hospodářské noviny (HN).
The land covers almost 17 hectares. "Construction will start with office buildings, and in about two years we could begin the construction of 350 apartments of various price categories. There will be a park on approximately 1.5 hectares," Palička told the newspaper. A building permit has already been issued for the first office space of 45,000 square meters.
Red Group originally wanted to build an office building on the site for two billion crowns, a skyscraper with apartments, and convert the original factory buildings into loft apartments. However, the crisis hit the company. "The project was too large for us, so we sold it to Penta," said Richard Ness, director of Red Group, to HN. Neither side wanted to comment on the details of the transaction.
Penta is a Central European investment group founded in 1994. It primarily invests in retail, healthcare, aerospace manufacturing, engineering, energy, entertainment, banking, and real estate. Last year, Penta Investments' net profit rose to 126.7 million euros from 49.7 million euros the previous year.