News Article Czech Republic development Prague residential RSBC
by Property Forum | Residential

Hundreds of flats are to be built in Prague by RSBC Group. The company wants to implement a CZK 1 billion project in Prague's Vysočany district to convert an old vacuum cleaner factory into 243 apartments. RSBC is going into the project with developer Masák & Partner, online daily reports.

The new company of billionaire Robert Schönfeld, RSBC Development Financing, which was established last year, already has big plans in Prague. It plans to issue bonds worth 20 million, i.e. approximately CZK 500 million. The new firm's biggest investment is a CZK 1 billion project in Vysočany, where it plans to transform a former vacuum cleaner factory into 243 apartments with development company Masák & Partner, reports The project is expected to be completed in the second half of 2024.

"We have a building permit for the reconstruction of the entire building. At the moment, the first phase of demolition work is underway, and we plan to start construction by the end of the year. We have adapted the project to preserve the original character of the building as much as possible and thus the genius loci of the whole place," says Radan Kreps, head of the new RSBC division.

In development projects, RSBC Development Financing is to act primarily as a financial investor with its own financial resources, bonds and bank loans. "The bond issue will help us to complete a number of acquisitions, with projects in various stages of preparation," explains Radan Kreps. The company is so far the furthest along in its preparations with the Kolbenova project, where it has a 48% stake from 2021. The rest is held by Masák & Partner, which is in charge of design and development.

The Czech investment group RSBC was founded in 1998 as a manager of the Schönfeld family's restituted property. It focuses on investments in industry, real estate, start-ups and owns Slovenian arms manufacturer Arex. RSBC was also a financial partner in the Žižkovské Pavlače project. Until now, however, it has focused on property management, whether residential, office, commercial or agricultural. It currently manages real estate with a market value of CZK 4.3 billion.