Penta Real Estate is making its first move into the rental portion of the residential sector through a partnership with XPlace – a platform owned by the Prague Archdiocese. The agreement concerns two new buildings for Xplace located next to the Vidoule park in Prague in Penta’s new residential quarter Waltrovka. Construction is set to get underway in February on the first of the projects. Such deals between developers and rental specialists are still quite rare in Prague, despite the growing popularity of alternatives to the standard build-to-sell model. In all, 54 new apartments targeting young professionals will be built, though larger units will be built on the top levels of the buildings. Biza Architekti together with AFRY created the project’s design. “This partnership with Penta Real Estate represents an excellent opportunity to expand our portfolio of rental housing and providing a wide range of housing that reflects modern needs of tenants,” said Linda Dolečková, an economist for the diocese. Completion is expected in the first quarter of 2025.
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