Green Team - Development project - Pankrác

Project Halo Pankrác addresses a mixed-use urban redevelopment in the Prague subcentre of Horní Pankrác, at the intersection of Budějovická and Na Strži streets, in immediate connection to the existing Metro C station and the Metro D station under construction. On a plot of 17,879 m2, wholly owned by the developer through a project SPV, a complex of five buildings is proposed, with a total programme of approximately 66,634 m2 of gross floor area — offices, institutional rental housing (BTR), residential units for sale comprising 612 apartments, a healthcare clinic, and ground-floor retail; construction takes place in two phases over a twelve-year investment horizon (Q1/2026–Q4/2037). The construction part addresses the site constraints in relation to the metro, the building programme, the cost methodology, and the construction schedule. The commercial part analyses the Prague real estate market, sets the pricing of individual functions, and verifies the absorption capacity of the residential component. The legal part addresses the corporate structure, the permitting process, contractual documentation, tax aspects, and exit strategies. The financial part values the land using the residual method (CZK 247.3 million as-is, CZK 2,233.0 million with development permit) and builds a cash-flow model. The project is designed to achieve a target leveraged IRR of 15 % p.a.; the financial model reaches a leveraged IRR of 16.81 % p.a., an unlevered IRR of 15.02 % p.a., a total value to paid-in multiple (TVPI) of 2.11, and a profit margin of 30.1 %. Financing is set within an LTC parameter of 65 %, combining own equity and a senior bank loan with no junior debt. The sensitivity analysis confirms the robustness of profitability against market fluctuations; the thesis incorporates ESG aspects, including BREEAM certification, and proposes public-benefit functions linked to the future Metro D vestibule.