Penta is partnering with Karel Pražák to build a residential project at Vítězné náměstí in Prague 6. The project will go up on a site between Vedrunská and Jugoslávská streets where PPF originally planned to develop an office project nicknamed Lední medvěd. PPF had leased the land from the city. However, the company eventually withdrew from the project after fighting with Prague 6 over the plans for a few years. Penta and Pražák want to develop the residential project through a SPV called Vítězné náměstí, which they bought from PPF. The new investors signed a memorandum with the municipality about canceling all legal actions stemming from the past project. Jakub Cigler Architekti was chosen to design the project which should include 100 flats, a supermarket and retail and services. Costs are expected to run to CZK 750m.
