ARTICLES LABELLED WITH TAG development

Amadeus Real Estate in Prague is reconstructing a cultural monument from the 1970s - the OD Máj department store. According to the developer's estimate, the reconstruction, which is being carried out by the construction company Metrostav, will cost CZK 4 billion, i.e. €166.7 million. OD Máj should be reopened within a year and should offer a restaurant with a view in addition to shops and a gallery, reports ČTK.

UBM Development Czechia is implementing all its current residential projects with BREEAM certifications. This is an ecological certification that confirms the standard of buildings in terms of sustainability and environmental friendliness. With BREEAM certification, UBM is currently building the Arcus City residential complex in the Prague-Reporyje district and the Astrid Garden residential project in Holešovice, Prague 7.

After over three years of construction, J&T Real Estate (JTRE) will start to hand over respective parts of the enlarged Eurovea area. The opening of new roads and cycle paths will be followed by the ribbon cutting for the bigger shopping centre and public spaces, followed by Riverside residences, Pribinova 34 and 40 admin buildings, green areas, and Eurovea Tower - the first skyscraper in Slovakia.

Trikaya Investment Fund is changing its strategy to ensure stable returns for its investors and it is now adding residential projects to its portfolio. The first is the Brno project Čtvrť Pod Hády by the Trikaya development group of the same name. The estimated value of the entire project is more than CZK 4 billion (€168.5 million), writes e15.cz.

JRD is merging two of its divisions. JRD Development, a specialist in sustainable development and healthy living, and JRD Land, a land bank and specialist in subdivision development and urban planning. This creates a division with the new name JRD Real Estate. The CEO of JRD Real Estate remains Alexandra Tomášková, who has been leading the two separate divisions from her position as CEO.

Construction has begun on the Verde Slaný residential project in the royal town of Slany. The entire complex will be built in several stages on the former Benar cotton spinning mill site in the immediate vicinity of the revitalised Kumpán Garden. The estimated investment for the entire project is over CZK 1 billion (€42.3 million) with the planned construction of more than 220 new apartments.

Tomáš Pardubický, CEO of Czech residential development company FINEP has talked to Property Forum about the necessary transformation of the real estate market and shared plans about the company’s expansion in the build-to-rent segment.

Last summer, Invesco Real Estate bought the Delta building, one of the phases of its multifunctional Hagibor project, from developer group Crestyl. The building is to include a total of 165 flats in layouts ranging from 1+kk to 4+kk for rental housing purposes. Construction started in Q4 of last year and is scheduled for completion in Q3 2024. Zeitgeist Asset Management will take care of the complete management of the project during construction, as well as the subsequent leasing and management of the apartments, the company announced.

Garbe Industrial Real Estate is moving ahead with its Europe-wide expansion, benefiting from the persistently strong demand for logistics space. For the 203 assets under its management with around 5.7 million square metres of lettable area (including open space), the company achieved rent increases averaging 11.7 percent through indexation provisions and by negotiating new lease agreements. The occupancy rate of the portfolio equals 98 percent. Moreover, the company responded to demand across Europe by delivering new sustainably designed logistics properties.

Marriott Hotels, the signature flag of Marriott Bonvoy’s portfolio of 30 hotel brands, has opened Tirana Marriott Hotel, the first Marriott Hotel in Albania. The hotel is located next to the multi-purpose complex of the National Arena and within walking distance to governmental offices, international institutions as well as key historical and cultural sites.