News Article financing investment Penta report Slovakia
by Property Forum | Report

Penta has announced its plans to open the first-ever fund for qualified investors. Legal and administrative actions leading to its establishment are currently underway, and details of the structure and functioning of the fund are going to be announced in the second half of this year.

Penta’s 2023 net profit of €504 million has been listed as the second-best result in the history of the group after the record year 2021. The Dr.Max pharmacy network, the Penta Hospitals network, Primabanka, Privatbanka and also the development projects of Penta Real Estate contributed the most to the group's profit in 2023.

Long-term profitability allowed the group to continue investments. They reached a record height of €900 million in 2023. Penta Group currently employs more than 40,000 employees and paid a total of €680 million in taxes and levies last year.

Fortuna Entertainment Group, which was an equally important contributor, is also addressing options for further strategic development and growth. It does not rule out the entry of a new strategic partner either.

Historically, Slovalco was one of the biggest contributors to profitability in the Penta group. Last year, the company had to stop primary aluminium production. High energy prices, combined with the inaction of the Slovak government, which did not adjust the compensation mechanism for energy-intensive industries, led to the complete stoppage of aluminium production in Slovakia.

Despite the significant cooling in the real estate market, Penta Real Estate sold 258 housing units last year and another 1135 are under construction (Bory Bývanie, Pri Mýte, Nuselský pivovar (brewery), Victoria Palace, Juliska, Hranička). In addition, two important flagship projects were completed in 2023: the Bory Hospital in Bratislava and the Masaryčka office building in Prague.

In 2023, Penta Real Estate used the market situation to acquire land and acquired significant locations for future construction in Bratislava and Prague for its portfolio. This is 215,000 sqm of new land, which represents 414,000 sqm of gross floor area. At the end of 2023, Penta Real Estate managed assets with a total value of more than €1.46 billion.