Czech PPF Bank lent EUR39 million to the group to construct the building. Group Holding’s contribution is EUR16 million.
The 10-story office tower will have a total area of 39,000 square meters and a lettable area of 27,000 sqm. Some 9,000 square meters have been pre-rented by firm TeamNet.
The building is developed by Green Gate Development, owned by S Group Holding through a Cyprus-registered investment fund.
Vladimira Novakova, managing director of Green Gate Development, on Thursday said the Green Gate project is expected to generate rental revenues of about EUR5 million yearly.
The office tower is constructed by firm Bog’Art. Works started on September 3, 2012 and are due to be finished on February 10, 2014.
According to Bog’Art general manager Sorin Greu, the value of the construction contract is EUR29.5 million.
S Group was set up in 1991 and includes companies specializing in construction and facility management.