A building permit has been issued for the first CZK 1 bln (app. EUR 40 mln) stage, which Penta is financing through its own resources. This is to be the 27,000 sqm Aviatico office building designed by Cigler Marani Architects, which Penta is developing on a speculative basis and financing from its own resources. Negotiations with potential tenants are now underway. The building should be completed in mid-2015. Waltrovka is located on the 169,000 sqm site of the former Walter Engines factory bought from Irish developer Red Group in 2012. In later stages, which are expected to begin in two years’ time, apartments and additional office buildings will be developed, as well as a 1.5 ha central park. Investment costs for the entire project are expected to come to more than CZK 5 bln (app. EUR 200 mln).