Czech investment platform Upvest has entered the Slovak market with its first cross-border loan financing. The company secured a mezzanine construction loan of 187.5 million Czech crowns (€7.5 million) for the Zwirn 2 residential project in Bratislava.
The target amount was raised within four days with participation from 1,321 investors. Investors could enter the project financing from 5,000 Czech crowns, with net returns (IRR) reaching 6.5-6.7% per annum depending on investment size.
The Zwirn 2 project is being developed by YIT in cooperation with investment group RSJ. The residential complex is located in Bratislava's Ružinov district and will offer 283 apartments and 103 studios/ateliers, along with garages and retail spaces near the city centre.
"Entering the Slovak market with loan financing is a natural step for us. Bratislava belongs to the most dynamic residential markets in Central Europe and YIT is a developer with strong reputation and experience," said David Mazáček, CEO of Upvest. "The speed of closing the fundraising confirms the growing appetite of the Czech investor community for quality real estate projects outside the domestic market."
Upvest is part of Komerční banka and the international Société Générale group. Since its establishment, Upvest has invested more than 7.9 billion Czech crowns in projects worth over 59 billion Czech crowns.
