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Erste Group Immorent to build 30,000 m2 complex in Prague

Erste Group Immorent has unveiled plans to develop a new 30,000 m2 office complex in the Pankrác business district of Prague.

The Enterprise Office Center scheme is planned to include 29,000 m2 of class A office space on 11 floors and 2,620 m2 on the ground floor for services for tenants.

Czech antivirus software provider Avast will be the first tenant to relocate to the centre, renting one third (11,100 m2) of the total space once the building is completed in 2015. The complex is BREEAM pre-certified and aims to obtain an 'Excellent' rating under the global sustainability standard.

'Erste Group Immorent has developed more than 130,000 m2 of office space in Prague and so a state-of-the-art project such as Enterprise Office Center is a perfect fit for our portfolio and expertise,' commented Tomas Veleminsky, managing director of Erste Group Immorent.

The company is the property subsidiary of Austrian bank Erste Group.

With one of the lowest vacancy rates in CEE, Erste Group Immorent believes that Prague represents an interesting destination for developers. 'For 2014, we expect office building activities in Prague to increase to 130,000 m2 compared to 88,000 m2 in 2013,' the company noted.

Erste Group Immorent has some 100,000 m2 of new space at the planning stage in the Czech Republic.

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