Penta secures CZK 878.4 million loan for two projects in Prague

Property developer Penta Real Estate has secured a bank loan of EUR 36.6 million, equivalent to CZK 878.4 million, for the completion of apartments and a hotel in Prague. The financing agreement with Raiffeisenbank will go towards the completion of the Juliska Rezidence project in Prague 6 and a hotel being prepared for the Zleep brand in Radlice, Penta announced.

The Juliska Rezidence, designed in an industrial style by Czech studio Bod Architekti, will cost EUR 24.6 million, or about CZK 590.4 million. It will have 79 apartments and is expected to be completed in 2024.

Hotel Zleep by Czech architectural studio Atelier M1 is part of the revitalisation of the Nová Waltrovka brownfield and will offer 166 rooms. The loan for its completion is EUR 12 million, which is approximately CZK 288 million. "We are bringing the new Hotel Zleep brand to the Czech market, together with our international partner Deutsche Hospitality," said David Musil, Penta Real Estate's director of residential and hotel development.

In the first phase of the follow-up project Nová Waltrovka in Prague's Radlice district, Penta will build two office buildings in addition to the hotel, for which it obtained a loan of EUR 74 million, or over CZK 1.8 billion, from ČSOB and Česká spořitelna last November. In total, over 400 flats are to be built here in several phases. The area is expected to be completed between 2027 and 2028.

Penta Real Estate, part of the Penta investment group, has more than 20 projects in the Czech Republic and Slovakia. Among the largest is the construction of two mixed-use buildings near Masaryk railway station in Prague. In 2021, the value of Penta Real Estate's assets reached EUR 1.2 billion, or about CZK 28.8 billion.

Source: Penta Real Estate and CTK
Photo: Juliska Rezidence