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PRAGUE

Florentinum, state-of-the-art office building in the heart of Prague, sold to Chinese investor      


Penta Investments has sold Florentinum office building, its first development completed in the Czech Republic, to Chinese investment group CEFC. Florentinum is a LEED platinum certified property delivered in 2014 and home to 70 long-term tenants, many of them blue chip companies such as EY, HSBC Bank, Bank of China, Havel Holásek & Partners Law Firm and RSJ Investment Group. The volume of the transaction has not been disclosed.

Florentinum, located in the heart of Prague, combines premium quality office space with a busy retail passage, courtyard and central park. The property totals 63 000 m2 of leasable area (including 50 000 m2 of offices and 8 000 m2 of retail). Florentinum, the largest and the most modern office building in the centre of Prague, attracted prestigious long-term tenants such as consultants EY, Havel Holásek & Partners and financial firms HSBC Bank, Bank of China and RSJ Investment Group. The building won several awards, amongst others, the Financial Times CEE Quality Award 2014 for the best office development, Construction Journal Award 2013 and Best of Realty 2013, and is widely considered as the standard for offices in the Czech capital.     

"We were very pleased by investor interest streaming from various global geographies. The selection and the negotiation process was extremely demanding and in only a few weeks, the Chinese offer outbid a well-known German investor in the final stages," commented Mr. Marek Dospiva, Partner of Penta Investments.

"We see Florentinum as an exceptional business opportunity and as an integral part of our strategy to establish our European headquarters in the Czech Republic. We aim to further develop the concept of Florentinum and create outstanding working conditions for CEFC as well as for all our tenants," says Chan Chauto, President of CEFC China.

"Florentinum is the first part of Penta´s wider redevelopment plan that will transform the brownfield area beside Masaryk Train Station and reposition Prague´s Central Business District. Penta has traditionally cooperated with great architects such as the late Mrs. Zaha Hadid (redevelopment of Masaryk Train Station in Prague and Sky Park in Bratislava) and Mr. Jakub Cigler (Florentinum and Waltrovka in Prague and Digital Park in Bratislava). We strongly believe that outstanding design, uncompromised build quality and effective project management can transform old shabby brownfields into vibrant parts of the Czech (and Slovak) capitals," says Mr. David Musil, Senior Project Manager responsible for Florentinum´s development, commercialisation and disposal process.    

The tender process was organised and coordinated by JLL on behalf of Penta.