Czech investment group RSJ plans to make it easier for Prague developers to finance the purchase of land for residential projects. Until now, RSJ has only cooperated with developers through shares in their projects but the new RSJ Landbank sub-fund will buy the land instead of the developer, who will take it over only after obtaining all building permits, which in Prague usually takes several years, local daily E15 reports.
"The advantage for the developer will be that he does not have to allocate a large amount of funds at the beginning for the permitting process. We will increase the purchase price during the compulsory purchase. The developer will know its fixed amount in advance. In return, we expect that ideally, we will carry out development with him on the land in question," described Lukáš Musil, a member of the board of RSJ Investments, to Estate magazine. RSJ Group confirmed the information to E15, but did not want to talk about the first acquisitions.
Through its qualified investor funds, RSJ has invested in residential projects by JRD, Finep and YIT. In cooperation with Panattoni, it is also planning to build halls in the Panattoni Park Chomutov North logistics complex.
RSJ Financial Group trades financial derivatives on global exchanges and manages a broad investment portfolio in the Czech Republic and abroad. Among the companies it controls are mining company Cínovecká deponie and the Zuri Zanzibar exotic hotel resort. The group is headed by Libor Winkler, with partners Karel Janeček and Václav Dejčmar.
