ARTICLES LABELLED WITH TAG Red Group

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.

At the turn of the year, property development and investment company Crestyl bought a residential housing project in Prague Radlice, in the vicinity of Radlická Street, from developer Red Group. The project in Prague 5, which has already been granted planning permission, will include over 150 apartments. The price of the transaction was not disclosed and the investment was made without the involvement of bank financing, Crestyl said.

Red Group has sold most of its residential project in Prague 5 to development company Crestyl. It retained only one apartment building out of five buildings. The project should include a total of 200 housing units, ThePrime reports. The value of the acquisition and other plans of the new owner are not yet known.