Penta buys into Kaprain’s brownfield project next to O2

Published: 20. 12. 2023

It’s been a busy end of the year Penta Real Estate, which has carried out a series of moves since completing its landmark Masaryčka building in downtown Prague. One of the most significant deals is the acquisition of a 40% stake in a project next to the O2 arena in Vysočany – Prague 9 led by Kaprain. Located on a 50,000 sqm plot that once housed the Howden ČKD factory, the investment will unfold according to an urban plan prepared for Prague 9 by the architect Jiří Řezák of Qarta architektura. Emil Kolben square will form the heart of the new area where up to 1,000 new flats could eventually be built.

“We’ve been working successfully with Kaprain for several years on the construction around Vítězného náměstí (the huge roundabout in Dejvice),” said David Musil of Penta. “Vysočany has great potential through the creation of a modern, accessible neighborhood in the wider center. We’re glad to be a part of it.“ Kaprain acquired the land from Howden in a tender that Colliers organized for the vendor.

On top of that, Penta managed to complete what it’s describing as the largest acquisition in its history – that of ČSAD Praha holding via its mother company Rextim holding. As has been widely reported, the biggest component of the deal is the Florenc bus station in central Prague. But it also includes development land in Karlín, Smíchov, and the Bastion office building.

“Our commitment to building a modern neighborhood on a brownfield site around Florenc isn’t just a far-off dream, but a real plan,” said Penta’s general director Petr Palička. “The debates about the development of the area with IPR and the city took a long time, but a clear framework has emerged about how it will be transformed. Thanks to the successful acquisition of land plots in recent days we’ve ensured that we’ll be able to undertake the area’s development in a complex, coordinated way.”

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