To the company that will build the neighborhood in Bubny, Penta Real Estate and AKIPIA have entered

Prague – The company HoldCo Bubny, which owns key plots in the Prague area of Bubny-Zátory, has gained a 50% stake from Penta Real Estate. The newly formed investment group AKIPIA, established by investors Michal Strnad, Tomáš Brzobohatý, and Marek Šmrha, will hold another 35 percent. The remaining 15 percent will be retained by the current owner, the J&T group, which will remain as a financial partner in the project. This was announced today in a press release by Penta Real Estate. In the area between the Vltavská and Nádraží Holešovice metro stations, a new urban district is set to emerge by 2050, with a total investment estimated at around 90 billion crowns.

According to its representatives, Penta Real Estate’s involvement in the Bubny project is a continuation of the company’s long-term strategy focusing on the regeneration of brownfields. "Urban opportunities, such as Bubny, come once in a generation, and for Penta, this is a unique chance to create a new piece of Prague for the next hundred years. In a location with the potential for up to 10,000 apartments, we are building on twenty years of experience in developing large transformational areas. The scale of investments will make Bubny three to four times larger than our previous largest district, Waltrovka, and it will undoubtedly be the largest development project in Penta's history," said David Musil, CEO of Penta Real Estate. According to him, the new district should become a natural part of the city, connecting housing, work, services, and quality public space. The vision for the development of the area will be pursued by the company together with the city and its partners.

For the newly established AKIPIA group, Bubny represents an extraordinary investment opportunity. "We are entering the project together with experienced partners with the ambition to participate in the creation of a new, fully-fledged urban district that will be significant for Prague and for future generations of its residents. This project also fits into our intention to build a portfolio of long-term investments, both independently and in collaboration with other investors," said Marek Šmrha, co-founder and managing partner of AKIPIA.

The extensive plots in Bubny were previously owned by CPI Property Group of Radovan Vítek, who subsequently sold half of the stake to the J&T group, which later purchased the remaining share. According to Dušan Palcr, chairman of the board, J&T Real Estate will play the role of a passive investor in the upcoming ownership structure.

The area near the newly built railway station Prague Bubny represents one of the largest previously neglected areas in the wider city center. The new district is expected to include rental and student apartments, offices, hotels, shops, services, schools, and kindergartens, as well as a park. Prague plans to build a concert hall by the Vltavská for more than 11 billion crowns.

The city hall is currently negotiating a so-called planning agreement with developers regarding the upcoming construction on the brownfield Bubny-Zátory. The basic outlines are expected to be outlined after the summer break.