Penta Investments sold a building next to Florentine in an international tender that lasted more than five months. Among the bidders from Europe, the Middle East and North America, the highest bid, worth EUR 25 million, came from CEFC China.
“The building is situated in the centre of Prague and we reconstructed it with the utmost care. Still, I was surprised by the aggressiveness of the prices offered. Seven investors were willing to give more than twenty times the annual profit before tax. For Penta, this is a success comparable to selling Florentinum,” says David Musil, Residential Projects Director of Penta Real Estate in the Czech Republic.
The reconstruction of the building in the immediate vicinity of the Florentinum office complex was completed by Penta 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 of the building houses a pharmacy of the Dr. Max network, a Koscom luxury watch store and a La Formaggeria cheese and Italian specialties store. For exclusive representation during the sale, Penta Real Estate chose the consulting company Knight Frank.
