Penta Investments has acquired the Czech Typography building complex from the Austrian firm S+B CEE Beteiligungsverwaltungs. The property, formerly known as Rudé Právo building, is situated in Prague 1 between Na Florenci Street and Na Porici Street.

This is Penta's first project in real estate development in the Czech Republic. Penta plans to build a new administrative centre and invest about EUR 200 mln on the site of the current building.

'We plan to build a unique Catogory A office and business center that will significantly improve the image of the surroundings. I am sure that this project will be immensely attractive for its future customers due to its location in the centre of Prague and unique transportation accessibility,' said Petr Palicka, director of Penta Real Estate division in the Czech Republic.

Currently the property comprises 25,000 m2 of ‘B' category office space and 45,000 m2 of storage space, with parking spaces.

Penta is a Central European investment group which was established in 1994. It has been involved in real estate development since 2005 and has nine projects in the Slovak Republic.