Penta's Florentinum project obtains €110 million loan (CZ)

Penta's real estate project, the Florentinum, has obtained a loan of €110 million (CZK 2.75 billion), which is one of the biggest financing deals in the Czech real estate sector this year. The loan will be used to finance the construction of Florentinum and its drawdown will commence in early May 2013.

The financing was provided by a consortium of three banks – UniCredit Bank Czech Republic, Komerèní Banka and Raiffeisenlandesbank Oberösterreich and coordinated by UniCredit Bank. Total investment into the Florentinum project is approximately €160 million.

"We are delighted with the level of trust in our project. Obtaining this amount of financing at the time of construction is the result of a very positive development in our lease contract drive", said Petr Palièka, Penta Investments' Project Manager. At the moment, Florentinum's occupancy is just under 50 %, which is approximately 28,000 m² and the facility should open in the fourth quarter of 2013.

About Florentinum: – 49,000 gross square meters of offices on nine floors – with efficient and flexible layout options – 7,500 m² of retail space offering a comprehensive array of everyday services (supermarket, chemist, pharmacy, restaurants, children center, cafés, client centers, showrooms) Project's key benefits: – The piazza, a new 3,000 m² public space – The historical Des Fours Palace Gardens will be renewed into another 2,000 m² of public space – Apart from office space, Florentinum will include many other functions, such as a company kindergarten within the building, accommodation facility in the newly opened Motel One hotel nearby and a wide range of additional services – The project obtained the LEED Gold pre-certification and is designed by Cigler Marani Architects

Source: Penta Investments

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