The Penta group closed the pandemic year of 2020 with a net profit of 134 million euros, while total assets of the portfolio companies reached 11.1 billion euros. Despite the pandemic, Penta invested 419 million euros in Capex for the development of its companies and projects. The group employs more than 43,000 people and has paid a total of 243 million euros in income tax and other social contributions.
A total investment volume of €290 million was transacted in the Czech Republic during the first quarter of 2021, according to Savills latest research. Without the exceptional €1.3 billion Residomo portfolio sale transaction, the investment volume was only down by 8% y-o-y.
The Crestyl Group is completing its DOCK district, growing around two blind branches of the Vltava in Liben, Prague. The last building is currently under construction - the DOCK IN FIVE office. Work is also finishing on the hectare park directly in the area, which will be completed and opened during the spring months. The residential buildings are all completed and the apartments are sold out. Similarly, all completed office buildings are fully occupied by tenants except for the last few meters. Completion of the last DOCK IN FIVE office building is scheduled for the second half of 2022. It will offer approximately 21.5 thousand m2 of office space and retail space.
"The pandemic has changed our perspective and needs, and from 2020 the safety norms implemented by office buildings matter a lot for tenants in the decision to rent new spaces," says Adriana Dragosescu, CEO, RPHI Romania. She told us in an interview that the measures, efforts and strategy of an office building on safety rules will most likely be in the top three criteria in making a decision.
The largest and historically first real estate fund on the domestic market has been operating for 14 years and manages assets worth 31.5 billion crowns. ČS real estate fund, managed by the investment company REICO České spořitelny, offers small savers the opportunity to participate in income from investments in office buildings, shopping centers or industrial areas that would otherwise be unavailable to them. Like other real estate funds, it now has to deal with a pandemic crisis.
The prolific change of 2020 has shaped the real estate industry more than anything else in decades. The digitization had been underway before the pandemic, but the speed of that shift has accelerated in ways that nobody could have predicted.
Due to the covid-19 pandemic, investors were more interested in waiting tactics in part of last year. This gave them enough time to carefully assess the risks and better assess the next steps. Therefore, the second year with coronavirus starts with increased activity. According to the current CBRE survey of commercial real estate investors, 50% of companies active in Central and Eastern Europe expect increased transaction activity this year.
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