AFI Europe has expanded its office portfolio with another property. The Classic 7 Business Park, AFI Karlín, AFI Vokovice and the AFI City 1 building now also include the Avenir Business Park in Prague 5 - Nové Butovice. The company bought it from the EPISO 4 fund from the British company Tristan Capital Partners for 66.5 million euros. The premium office complex with a total leasable area of more than 25,600 m2 is almost 100% occupied. Long-term tenants include companies such as ČSOB (belongs to the KBC Group), ING, Porsche, McDonald’s, Conduent, Dermacol, Simac Technik and Coloplast.
Leaving offices was the most common response to a possible risk of infection in the first weeks of a pandemic. In the first wave, over 40 percent of Czechs at least partially worked from their homes, in the second wave, less than 30 percent of the population used this solution. Czechs manage work from home much harder than employees in the rest of the world. This follows from a study by the IDEA think tank dedicated to Czech employees and a study by the Microsoft Work Trend Index.
The Penta group closed the pandemic year of 2020 with a net profit of 134 million euros, while total assets of the portfolio companies reached 11.1 billion euros. Despite the pandemic, Penta invested 419 million euros in Capex for the development of its companies and projects. The group employs more than 43,000 people and has paid a total of 243 million euros in income tax and other social contributions.
State-of-the-art technology, including intelligent building control, quality architecture, BREEAM Excellent certification and a prestigious address in the newly emerging city center. These are the most interesting attributes of the Organica building, which is being built by the development company Contera in Ostrava. After completion in 2023, TietoEVRY, an international provider of IT services and one of the largest employers in the Moravian-Silesian Region, will lease a significant part of the building. But Organica will offer users and visitors much more.
pbb Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €130 million to refinance “Dock In Office Park” (4 buildings) in Prague for Crestyl Group. pbb and Helaba are acting as joint lead arrangers providing equal portions of the funding. pbb also acted as facility and security agent of the transaction.
UBM Development Czechia has successfully completed and approved the Astrid Offices office building in Holešovice, Prague. Companies that have chosen it as their headquarters will operate here from July. This includes UBM employees who move here from offices in Liben. Astrid Offices now leases more than 50% of its space.
ČSAD Praha holding a.s. announces that the construction of the BASTION FLORENC commercial administrative center has recently started on its land. With its name, the building located in the very heart of the Prague crossroads refers to the foundations built above the former baroque fortifications of Bastion XXII. The beginning of the construction dates back to 1648, when the Prague fortifications began to be built and were completed in 1679.
Up to 700,000 m2 of new offices could be added to Prague by 2025. Currently, about a third of this volume is in the construction phase. However, due to the prevailing slowdown in demand and the growth of vacancy in both existing and new office space, many developers are adjusting their plans: they are postponing the start of construction and slowing down implementation. Others are considering the future use of projects from purely administrative to a mix of office, residential and retail space.
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