The investment group, operating in Central Europe, announced the purchase of a building plot at the intersection of Domaniewska and Postępu Streets in Warsaw. Penta Investments wants to invest a total of 45 million euro (including the purchase price and the cost of building).
The plans of the company include construction of an office block, offering a total of 24 500 sq. m of gross rentable area. On the ground floor, there will be service and commercial space, whereas the rest of the space will be dedicated to office function. Penta Investments is currently at the stage of choosing the team of architects, informs Damian Grzywacz, business development manager in Warsaw office of Penta Investments. Construction works are to start in the autumn of 2015 and last 18 months long.
This transaction is the first and very important step in building Penta’s standing on the commercial real estate market in Poland, said Jozef Oravkin, managing partner in Penta. We will make every effort to ensure that the investment will be a valuable building on the real estate map of Warsaw, such as the ones which we have already implemented on other markets.
During the transaction, the counsellor was the company Savills.
For Penta Investments, it is the first project on the real estate market in Poland. The real estate segment is responsible for 20% of the value of the group’s investment portfolio. In 2013, Penta built a total of 158 600 sq. m of GLA area, the majority of which (92%) were office buildings. The key projects of the group include: Digital Park in Bratislava (74 000 sq. m) and Florentinum in Prague (57 000 sq. m).