In a long expected transaction, Penta bought the Waltrovka area in Prague 5-Jinonice from the Irish developer Red Group for an undisclosed price. Penta plans to invest more than €200m into the 169,000 sqm brownfield area and redevelop it into a new neighborhood. The former industrial area has been cleared by Red Group, which has rallied to change the area’s master plan for the past few years. The development will be cut into phases. A 44,500 sqm office component planed for the southern part of the area has valid planning and construction permits, and Penta will iron out a design before the end of the year. The rest of the area will be housing, offering approximately 350 units. Penta plans to launch an architectural contest and foresees starting construction on the residential component within two years.
