Trinity Bank acquires Pankrác House office building in Prague

Trinity Bank’s real estate fund has purchased the Pankrác House office building in Prague from billionaire Radovan Vitek’s CPI Europe group, formerly Immofinanz. The price has not been disclosed, but according to reliable sources the transaction closed at CZK 1 billion, around €40 million.

“We focus on long-term investments in commercial real estate with attractive yields and stable occupancy”, said Radomír Lapčík, founder of Trinity Bank. “The Pankrác House building represents a great opportunity to further expand our portfolio of commercial buildings in sought-after locations.”

The office building has 18,000 sq m of rentable space and is fully occupied. Tenants include Multisport Benefit, media agencies from the Omnicom Media Group and healthcare provider Canadian Medical.

Pankrác House is located close to the Pražského povstání metro station and provides its tenants with modern office space and a wide range of services. The complex includes a lobby connected to a café and a reception open 23 hours a day, a restaurant, an underground garage, a bicycle storage room, a fitness room, and fully equipped conference rooms.

“The transaction was carried out close to the book value of the property”, said Simone Korbelius, investor relations manager, CPI. “However, we are not disclosing further details.”

Last autumn, Trinity Bank bought a historic building at Na Příkopě 33, near Republic Square, one of the most prestigious locations in Prague. According to media speculation, the price for the trophy property was CSK 2 billion.

The building was known as the headquarters of Komerční banka, but following renovation it will be occupied by Trinity Bank. Lapčík said he also intends to “bring the building closer to the people of Prague, so we are planning various cultural events, social gatherings and pop-up activities.”