ARTICLES LABELLED WITH TAG Crestyl

Czech developer and investor Crestyl has strengthened its position in the Central European residential property market. This week it completed the acquisition of the remaining 50% stake in one of Poland's largest residential developers Spravia (formerly Budimex Nieruchomości) from Cornerstone Partners, giving it full control of the company. Both partners initially bought the Polish developer in 2021 for PLN 1.51 billion (approximately CZK 8.5 billion) in one of the largest real estate deals in CEE. The price of the current transaction has not been disclosed. This acquisition will enable the integration of Spravia into the Crestyl Group, while further strengthening Crestyl’s balance sheet from the current €850 million to €1.3 billion, with the intention to grow further in both markets.

The new residential project Semerínka, backed by the developer Crestyl, has received a building permit and construction will begin during the autumn. The Semerínka project in Prague's Radlice district, consisting of four blocks of varying heights, will offer 185 apartments.

Crestyl has unveiled its new residential project. The project will be built next to the vast Šárka Nature Park in Prague 6 on the site of the current Šárka Business Park industrial and logistics complex (former Aritma). The new free-access residential area with park areas will include 18 villas with a total of 224 apartments, six family houses near the border with the forest land, a kindergarten and premises for services and shops. The architectural and urban design of the buildings and public spaces emphasises the connection with the nearby forest. The project received final planning permission in February this year. Construction of the first phase, which will include 108 apartments, is scheduled to start next year. The total investment will exceed four billion crowns (€170.15 million).

Following the previous financing of four phases of the Dock In Office Park in Prague, Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €63 million to refinance “Dock In Five”, the last addition to the Dock project developed by Crestyl Group. pbb and Helaba acted as joint lead arrangers and provided equal portions of the funding; pbb also acts as the facility and security agent for the transaction.

The industrial area of the former Aritma industrial building in Prague's Vokovice will be replaced by a residential district with park areas. After several years of negotiations, the Prague 6 municipal district, representatives of the local residents and the investor, Crestyl, have agreed on this. In addition to the construction of new villas and family houses, the agreement includes extensive compensation for local residents, announced Jakub Stárek, the mayor of the district.

Another Prague brownfield will be turned into a residential project. Development group Crestyl will be building on the site of the former Waltrovka in Prague's Radlice district. The plan is to build a total of 170 flats for CZK 1.5 billion (almost €61 million) on the land, which the company bought with a zoning permit from the Red Group at the turn of this year. Preliminary construction work on the Semerínka project should start at the turn of the year and the entire project is scheduled to be completed within three years.

Helaba is providing long-term financing for Czech project developer Crestyl for the revitalisation of the well-known NR7 office building in a prime downtown location in Prague.

Developer Crestyl wants to transform the centre of Brno near the main train station with the Dornych project, connecting the historic centre with the newly planned district. It is to create a freely accessible public space that will include six buildings with apartments, office and retail space and underground garages. The project, with a total investment of CZK 7 billion (€285 million), already has a zoning permit and expects to receive a building permit by mid-2023, the developer announced at a public presentation of the project.

As of May 2022, Alena Liškay Králíková is the new ESG Manager of Czech development company Crestyl. According to her, while thinking about ESG in real estate businesses, it is important that buildings are not only serving the company´s ESG goals but also their residents, tenants and the entire neighbourhood too.

There are strange dances around the reconstruction of the baroque Savarin Palace in the centre of Prague. The CZK 10 billion project has been approved by the city's conservationists and city councillors and the first phase of the project is already underway, according to the builders. However, the Ministry of Culture has now rejected the project, saying it would threaten the city's conservation area, the Czech News Agency (ČTK) reports. Therefore, Culture Minister Martin Baxa has a request on his desk from the construction company Crestyl to review the decision of his officials, as company spokesman Ondřej Micka confirmed to Property Forum today.