Penta Real Estate plans to diversify its real estate portfolio and is preparing for further expansion within Europe. It wants to establish a real estate fund for this purpose, as Marek Dospiva, co-owner of the group, revealed to E15.cz
The company is considering Germany or London, according to E15.cz. "We are not going to go somewhere with only a hundred million euros to enter. That doesn't make sense. We are considering creating a real estate fund that would help us increase our firepower thanks to third-party money," Marek Dospiva, one of the co-owners, told E15.cz.
According to him, the group would put its most valuable properties into the fund, especially the new Masarycka project in Prague with a building by Zaha Hadid. However, more will be added. Penta is planning to build on other exceptional Prague locations. One of them is on the site of the demolished Transgas, another on Vítězné náměstí in Prague 6 or around the bus station in Florence, and it has plots in Letňany. By the end of last year, Penta had invested €850 million in the construction of apartments in the Czech Republic and Slovakia, and another €1.2 billion in offices, or almost CZK 50 billion. It has another roughly CZK 25 billion ready to invest in real estate by the end of 2025.
Penta's net profit fell 15 percent year-on-year last year to CZK 11.6 billion (almost €500 million). It is the second-best result in the firm's history since it was founded in 1994. Revenues of companies in the group's portfolio rose 10 percent to 192 billion crowns, Penta said in a press release. Penta invested more than CZK 19 billion in the development of its companies and projects last year, half as much as in 2021. The total assets of portfolio companies increased by CZK 79 billion to CZK 343 billion last year.