The name of the developer of a new office complex set to next year take shape a stone's throw from Prague's Anděl crossroads may come as a surprise to some followers of the real estate market. It is none other than Alessandro Pasquale, owner of Karlovarské minerální vody, the producer of the Mattoni mineral water consumed since 1873.
Pasquale acquired the development project named Green Point from a group of private investors. “Investing in promising real estate is an integral part of the strategy I pursue in my diverse personal activities. Green Point was right up there with the best projects available in the Czech Republic,” Pasquale told E15.cz. And since a planning permit has already been issued for the project there is nothing to hold back construction activity at the site flanked by Plzeňská and Mozartova streets near the bridge connecting the Strahovský and Mrázovka road tunnels.
The overall investment is to reach CZK 400m. While Pasquale plans to lease most of the new offices to other businesses some will be occupied by companies of his own holding.
Investment in real estate by the Karlovarské minerální vody owner is yet another example of a broader trend of entrepreneurs from a diverse range of fields investing available funds in properties that offer better returns compared to other investment asset classes. “They either invest in existing revenue-generating properties which they intend to hold onto over the long term or they consider funding their own property developments in attractive locations. Mr. Pasquale’s Green Point is an example of the latter approach,” said Jan Hospodář, a partner in 108 Investment Advisory.
Pasquale is not exactly a novice when it comes to property investment. The producer of mineral waters and other soft drinks in 2012 invested in City Center, an office complex and shopping mall in České Budějovice. “I do have some residential plans in store for Prague,” Pasquale said, when asked about his further real estate segment plans. He also intends to build both residential and commercial properties in Karlovy Vary.