News Article Czech Republic investment office Penta Real Estate Portiva Prague
by Property Forum | Investment

Brno-based investment group Portiva has acquired the SmíchOFF office building in Prague from Penta Real Estate for more than CZK 1 billion, the new owner announced on its website. The acquisition of the premium LEED Gold-certified commercial property represents another step for Portiva Group in fulfilling its vision of growth through a balanced mix of quality acquisitions.

With more than 11,000 sqm of lettable space, state-of-the-art technology and a location in one of the busiest locations on the left bank of the Vltava River, SmíchOFF is positioned to benefit from the continued dynamic growth of the Anděl area.

For Portiva Group, the acquisition of a prime building in a dynamically developing location in Prague represents another step in fulfilling its long-term vision of balanced acquisition activity. "In the energy sector, we entered the heat generation and distribution business last year, while the private equity division was strengthened by the addition of Cebia, a leader in vehicle vetting and security. Acquiring commercial real estate, the most conservative part of our portfolio is, therefore, the next logical step. We chose the SmíchOFF project in particular because its quality and location clearly fit into our strategy of focusing on premium properties," says Portiva Group CEO Pavel Svoreň.

The prime asset complex also offers a total of 10,090 sqm of office space, 1,000 sqm of gardens and outdoor terraces, 362 sqm of warehouse space and 91 parking spaces in two basements. In the garages, there are also charging stations for electric cars or electric bikes, and cyclists can also use the service stations for minor adjustments to their bikes and tyre inflation.

The SmíchOFF building is currently almost entirely occupied by tenants who signed lease agreements during the pandemic. "Thanks to this, our rental structure has a very strong foundation. The tenants were already aware of the structural changes in the office area when they signed the new contracts, yet they decided to sign long-term contracts reflecting the new reality," says Miloslav Kocek, director of the property management department of Portiva Group.

With the transaction, which was financed by UniCredit Bank, Portiva Group has started 2022 from an acquisition perspective. In the future, it plans further acquisitions, not only in the real estate field.

The Portiva investment group focuses on renewable energy, commercial real estate, digital and IT services in the automotive sector and investment funds. The group operates in seven countries in Central and Western Europe. The group's assets under management amount to CZK 9.8 billion with a turnover of over CZK 2.8 billion and EBITDA of CZK 520 million.