Central European investor and developer Penta Real Estate has announced plans to lead the development of one of Prague’s most significant regeneration projects. The Bubny scheme is set to unlock one of the largest undeveloped sites within Prague’s wider city centre, creating a fully integrated mixed-use neighbourhood spanning residential, office, education and cultural uses. The 250,000+ sqm site is strategically located between two metro stations, including the newly opened Praha–Bubny railway station, strengthening transport links.
The new district will primarily feature residential development complemented by premium office space, rental and student housing, hotels, retail, services, schools, kindergartens, public amenities, a central park and high-quality public spaces. The project will be delivered in several phases through to 2050. Once completed, it will create a new neighbourhood for tens of thousands of residents and workers, establishing a new destination for Prague that will draw in new visitors and reflect Penta’s longstanding commitment to design-led urban placemaking.
Penta Real Estate’s involvement in the Bubny project builds on the company’s long-term strategy focused on large-scale urban regeneration and the redevelopment of brownfield sites across Europe. Approximately two-thirds of Penta Real Estate’s developments are delivered on former brownfield locations.
For decades, Bubny–Zátory has been regarded as the largest urban development reserve within Prague’s wider city centre. The planning framework for the area now enables its transformation into a modern mixed-use district combining housing, employment opportunities, public amenities and high-quality public spaces.
David Musil, CEO, Penta Real Estate said: “Urban regeneration opportunities like Bubny come once in a generation. For Penta, this is a unique opportunity to create a new piece of Prague that will serve the city for the next hundred years. Building on two decades of experience in transforming large-scale brownfield sites, Bubny will become by far the largest project in Penta’s history. Our ambition is not simply to construct new buildings, but to create a vibrant mixed-use urban district that transforms a long-neglected barrier into a natural extension of the city, bringing together homes, workplaces, services and high-quality public spaces.
Pavel Streblov, UK Managing Director and Board Member, Penta Real Estate said: “This project is a prime example of our ability to deliver once-in-a-lifetime regeneration projects in cities across Europe. Schemes such as Bubny, which bring together housing, workplaces, services and high-quality public spaces, reflect the type of ambitious, integrated developments we want to continue delivering in our home markets. Our recent entry to the UK and ambitious plans for expansion in London and beyond demonstrate Penta’s commitment to pioneering market-leading developments across Europe.”
Marek Šmrha, Co-founder and Managing Partner of AKIPIA, said: “Bubny represents an exceptional investment opportunity for our newly established investment group, AKIPIA, offering significant long-term development potential. We are joining the project alongside experienced partners with the ambition of helping create a vibrant new urban district that will make a lasting contribution to Prague and future generations of its residents. The project also reflects our strategy of building a portfolio of long-term investments, both independently and in partnership with like-minded investors.”
Dušan Palcr, Chairman of the Board of J&T Real Estate, said, “We have followed the Bubny area for many years and have always recognised its outstanding development potential. However, on this occasion, our investment perspective prevailed. Within the new ownership structure, we will therefore remain involved as a passive investor.”
