At the turn of the year, property development and investment company Crestyl bought a residential housing project in Prague Radlice, in the vicinity of Radlická Street, from developer Red Group. The project in Prague 5, which has already been granted planning permission, will include over 150 apartments. The price of the transaction was not disclosed and the investment was made without the involvement of bank financing, Crestyl said.
Red Group has retained one residential building on the site, which is directly adjacent to the second phase of the Kotelna Park office complex. This building is already under construction and is not related to the latest acquisition, so it will not be connected in any way to the upcoming project. "Our new project includes one larger building with four entrances with a total of approximately 155 residential units. There will be some partial modifications to the project, of course, following the planning permission already issued, to match our other activities and standards. For example, we are going to modify the floor plans of individual apartments," Ondřej Micka, spokesman for Crestyl told Property Forum, adding that all apartments will be for sale-
"We are continuing our strategy of strengthening our residential portfolio. The new project will suitably complement our current flagship project on the other side of the city centre, Hagibor in Vinohrady. Moreover, we know the Prague 5 location well, having completed the Smíchov Neugraf modern housing project last year together with UBM Development Czechia," says Simon Johnson, CEO of Crestyl. "We are pleased to have closed the transaction with Red Group, the project fits well into our portfolio."
Crestyl will fully integrate the residential project in Prague's Radlice district with over 150 apartments into its portfolio over the coming months, with a new name, identity and Crestyl standards to match the developer's other activities. The project is located in Radlicka Street, adjacent to the Kotelna Park office complex, and is in the process of obtaining a zoning permit. The documentation for the building permit is now being prepared and it is expected that the preparatory construction works will start at the end of the year.
The new Prague district of Hagibor is currently under construction under the Crestyl's stewardship in the vicinity of Želivského metro station. In addition to six office buildings, it also includes five residential buildings - two of them are already nearing completion, and construction of the third will begin shortly. The Hagibor project will also include a new square and a central pedestrian boulevard with shops and restaurants leading from the metro exit. The project has a strong emphasis on public space - its author is Michel Desvigne, the most important landscape architect of our time. He came up with the concept of an "urban forest", within which up to two thousand trees will be planted. Last year, Crestyl together with UBM Development Czechia completed the modern housing project Neugraf in Smíchov, and a year earlier the residential part of its large DOCK project in Prague's Libeň, situated around two blind arms of the Vltava River. In the autumn, the construction of the next stage of family housing in the village of Vysoký Újezd, which is located near the metropolis in the middle of nature, was also launched.
Crestyl has been active on the Czech real estate market for over 20 years and has a wide portfolio of residential and commercial projects. It is currently developing more than fifteen locations across the Czech Republic with a total investment value exceeding € 1.2 billion. Its Prague portfolio includes Savarin, DOCK and the newly emerging Hagibor district near Želivského metro station.
