The building at Vítězné náměstí will be constructed by Penta, it will not be a polar bear

Prague - The new building at Vítězné náměstí in the Prague district of Dejvice will be constructed by the investment group Penta Investments together with Kaprain Group. Penta has acquired a 50% stake in the company Vítězné náměstí, which was previously solely owned by the Kaprain Group financier Karel Pražák. Penta announced this today in a press release. The publicly criticized project called Polar Bear, originally proposed by the previous owner PPF, will not be revived.

It concerns a plot of land at Vítězné náměstí in Prague 6, in the gap between Verdunská and Jugoslávských partyzánů streets. "Vítězné náměstí in Prague 6 represents a significant urban complex from the interwar period. We have sufficient experience and know-how to design a quality building that will benefit the concept of the square," said Penta Group partner Marek Dospiva.

"The portfolio of real estate and development projects of Kaprain Group currently includes several larger projects for which we are seeking suitable partners in terms of financing and successful practical implementation. In this particular case, we found one in Penta," added Kaprain Group founder Karel Pražák.

Until this spring, the plot was owned by the PPF Real Estate group, which planned to build a project called Polar Bear on it. However, local residents protested against it, and the Prague 6 municipal council referred the matter to the court. Penta and Kaprain Group aim to present the new project to the public within a year. At the same time, they will seek to resolve any disputes with the city.

The Prague 6 municipal district does not want to comment on the sale for now. "At this moment, we will not be making any further statements regarding the situation," stated the municipal district spokesperson Martin Churavý.

Penta is an investment group established in 1994. It operates mainly in healthcare, financial services, manufacturing, retail, and real estate development. It operates in more than ten countries in Europe and has representation in Prague, Bratislava, Warsaw, and Munich. Next year, it is expected to start building a new shopping center in close proximity to Masarykovo nádraží in the Prague heritage reserve. The first building is planned to open in mid-2019. The complex, consisting of eight buildings covering the area from Masarykovo nádraží to Florenc, is expected to cost a total of 6.5 billion crowns.