News Article Česká spořitelna Czech Republic Erste Prague rental residential Sekyra Group ViennaInsurance Group
by Vera Tumova | Residential

As it was unofficially confirmed last month, Sekyra Group has agreed with Dostupné bydlení České spořitelny and the insurance company Kooperativa on the sale of the Opatov II residential project in Prague 11. This is one of the largest build-to-rent (BTR) transactions in the Czech Republic, Sekyra Group announced. The price of the transaction was not disclosed. 

The insurance company Kooperativa and Affordable Housing of Česká spořitelna bought the rental housing project in Prague 11 near metro line C from Sekyra Group. Each of the buying companies will have a 50% stake in the Opatov II residential project. The interested parties have agreed not to disclose the price of the transaction.

"I believe that the share of rental housing will grow significantly in the current real estate market characterized by high costs and lower availability of mortgages. Cooperation with such strong institutional investors as Česká spořitelna and Kooperativa is an excellent opportunity for us to offer our residential projects to a wider group of people. In addition, the expansion of professionally managed rental housing will lead to the cultivation of the market and bring greater stability to tenants and landlords," said Leoš Anderle, CEO of Sekyra Group.

The residential project in Prague's Opatov district, already under construction, will include approximately 300 rental apartments upon completion. According to the timetable, the project should be completed by the end of next year, with tenants moving in during the first quarter of 2025. Dostupné bydlení České spořitelny will provide affordable housing in Opatov primarily to employees in socially beneficial professions, such as healthcare workers and teachers.

The second joint rental housing project between Kooperativa and Dostupné bydlení České spořitelna follows the long-term cooperation of their Austrian parent companies (namely Vienna Insurance Group AG and Erste Group Bank AG), which have extensive experience in implementing affordable housing projects in Austria. It is the Austrian, and especially the Viennese, model of affordable housing that is an inspiration for other European countries.