Twenty-five years of the PASSERINVEST GROUP – BB Centrum is an investment for CZK 28 billion

This year the PASSERINVEST group is celebrating the 25^th anniversary of its founding and is continuing full steam ahead in the fulfilment of its long-term strategy of building and cultivating the development market in the Czech Republic. At the current time the group:

• has already invested about CZK 15 billion in BB Centrum as of the end of 2016, 10% of which was invested into non-profit projects (a school, parks, playground, relaxation zones, etc.)
• is planning on investing a further CZK 13 billion (including investments into non-profit projects such as, for example, squares, park expansions, a playground and relaxation zones), thus the overall investment into BB Centrum will amount to CZK 28 billion
• purchased, this March, another previously-sold building, Building D, in Prague’s BB Centrum, as part of its strategy of the long-term ownership and administration of the buildings,
• will be continuing in the established strategy, as it plans to buy back the four remaining office buildings in BB Centrum, followed by their subsequent renovation,
• is now offering its second bond issue in a volume of CZK 1.5 billion,
• will be continuing in the cultivation of the public space in BB Centrum – another project this year is the creation of a central square in front of the Brumlovka building, including a new crossing across the main road (Vyskočilova Street),
• last, but not least, is planning to construct a hotel with suites and rental flats with retail space, three office buildings, including more retail space, three more residential projects, including an expansion of the Baarova II Residential Park, the construction of a Bible Museum and, of course, the revitalisation of the repurchased buildings A, B and D from the perspective of long-term sustainability.

This year the PASSERINVEST group is celebrating a quarter century of its existence and its first present is the repurchase of Building D from SachsenFonds Holding Tschechien Sechs GmbH & Co. KG. Thus, in addition to the ALPHA, BETA, A and B buildings, it already has the fifth project of Prague’s BB Centrum back in its portfolio, and is therefore continuing in its strategy, where it does not only want to be a developer, but also an investor and property manager.

The PASSERINVEST group has, through its 100% subsidiary PASSERINVEST FINANCE, a.s., issued bonds in a value of CZK 1.5 billion as a separate issue in the form of dematerialised securities in the Central Securities Depositary Prague, with maturity in March 2023. Its annual interest yield of 5.25% is payable quarterly. This time the PASSERINVEST group is once again planning on using the proceeds of the issue primarily for the purchase of investment property.

PASSERINVEST GROUP, a.s. is currently planning to revitalise buildings A, B and D. There is also a project in preparation for the construction of a new building, a hotel with suites and rental flats and retail space in the eastern part of BB Centrum.

“A long-term sustainable approach to the entire complex is an integral part of the urban developer’s strategy. The cultivation and development of the public space is a direction that we want to and will be taking. BB Centrum is a place that serves all people, regardless of whether they work here, live here, or are just visiting. This year, God willing, we will be building the new Brumlovka Square and another crossing across Vyskočilova Street, and we would subsequently start with the modification of Želetavská Street and the public space between buildings A, B and C. A new water feature by the ALPHA building should also be finished during the course of this year. At the same time the construction of a new school pavilion for the Elijáš Christian School is already underway and Brumlovka Park is also getting gradually larger, with a children’s traffic playground and a small lake being built as part of the second phase of construction. It should also include a model of the “Temple of Solomon”, on the principles of which the Gospel can be explained in an understandable manner,” clarified Radim Passer, the founder and General Director of PASSERINVEST GROUP, a.s.