Dentons has advised CSOB and Ceska Sporitelna on their EUR 74.13 million loan to Penta Real Estate for the construction of the office buildings within the Nova Waltrovka project in Prague.
According to Dentons, "Nova Waltrovka includes two office buildings, a hotel, and 400 apartments. In October 2022, Penta celebrated the successful completion of the rough construction. The office buildings and adjacent wide boulevard should be completed by autumn 2023."
"Due to the current political and economic uncertainty, many ongoing real estate development projects are facing strong inflationary pressure. According to a recent statement by Penta, the Nova Waltrovka project budget had to be increased by CZK 1 billion to CZK 5 billion to reflect increased costs," the firm informed.
Penta Investments company Penta Real Estate operates in the real estate market in the Czech Republic, Slovakia, and Poland.
The Dentons team was led by Partner Daniel Hurych and included Counsels Jan Hrivnak and Jana Malkova Zelechovska and Associates Martin Fiala, Leontyna Bartova, Jan Blazek, Jan Sedlak, and Samuel Bodik.
Dentons did not respond to our inquiry on the matter.