ARTICLES LABELLED WITH TAG Czech Republic

CTP acquired an industrial complex from Bluehouse Capital earlier this year on a plot of land with a total area of 330,000 sqm in the city district of Ostrava - Hrušov. In addition to the existing first phase of 18,000 sqm, which already has three tenants, the developer plans to build another 76,000 sqm of industrial/logistics space. The warehouse will be built in the revitalized area of the former chemical plants with a total area of 94,000 sqm and will become the largest in the Czech CTP portfolio.

In 1.5 years, 275 modular bathrooms have been installed in YIT apartments in the Czech Republic. The developer is expanding the use of prefabrication to other building elements. By incorporating this technology, the company plans to not only improve the quality of its residential projects but also speed up their implementation. At the same time, it expects to have less demand for labour, which is in short supply. In addition to bathrooms, the developer is now also using modular manufacturing for structural elements. The Czech branch of YIT is following in the footsteps of its parent company in Finland, which has been building in this way since the 1970s, YIT told the press.

Prague's famous brutalist-style Intercontinental Hotel is undergoing a complete renovation. After the reconstruction, the hotel will operate with sustainability principles and will become part of the Fairmont chain, the daily E15.cz reports without mentioning the price of the planned reconstruction.

In the year 2022, CPI Property Group became one of Europe's largest landlords. The CPIPG portfolio reached €20.9 billion, about €7.8 billion more than the year before due to several consolidations. Consolidated adjusted EBITDA was €608 million, while FFO1 was €355 million.

High inflation brings something that has not been seen in Czechia for a long time - a halt in the growth of residential property prices, especially flats. Prices of older flats are even falling. Frozen demand will soon hit construction companies. The housing market has slowed down considerably, and players are waiting for further economic development, says David Frič from STEM/MARK (the Euroconstruct member institute in Czechia).

Passerinvest Group has appointed Eduard Forejt as its new Business Development Director. He has expanded his current position to include activities related to the development of the sales team, planning and control of business activities as well as client and partner care. As this is an expanded position, Eduard Forejt will remain responsible for the development of Passerinvest's business activities and acquisitions, the company announced. 

Czech group of real estate funds ZDR Investments has strengthened its position in the Slovak market. The company has acquired a retail park in Topoľčany for its Public fund. The acquisition expanded the Group’s portfolio to 64 properties with a total value of more than €516 million, ZDR announced.

The year 2022 was a successful year for CTP, marked by stable growth and excellent business results. In 2022, the portfolio area in the Czech Republic was expanded by 300,000 sqm, bringing the total area to 3.8 million sqm. Rental income increased by 13% year-on-year to €230.3 million (CZK 5.7 billion). At present, CTP is the largest player in the Czech industrial-logistics property market with a 28% share. 

Industrial halls, which are being built on the site of former poultry farms in Liberec, have a new owner. The investment fund CB Property Investors from the Crowdberry group has become the new owner for more than CZK 1 billion (€42 million), Seznamzpravy.cz reports.

Development company Crescon has completed the first phase of the 64-unit luxury Aldrov Apartments & Resort project. The new owners are gradually taking over the apartments. By the end of this year, the company plans to complete the second phase with 75 units. A total of 139 apartments are to be built in the Krkonoše Mountains in the village of Vítkovice. The entire complex should be ready in the winter season 2023/24, Crescon announced.