News Article Czech Republic development financing investment Prague residential RSJ YIT
by Property Forum | Investment

For the first time in the history of its operations in the Czech Republic, developer YIT has entered into a partnership to finance its project. Local investment group RSJ will participate in the implementation of the residential complex Vesi Hostivař in Prague.

"Until now, we have financed all our projects from the YIT Group's own resources. Now we are entering a new phase and in line with YIT Group's corporate strategy, we will use project financing in some cases. This will free up capital for further investments so that we can further expand our portfolio with new acquisitions," explains YIT Stavo's CEO Marek Lokaj.

"We are pleased to be working with RSJ Investments for our first project financing project, a strong and reputable group with extensive experience in investing in development projects. Among other things, it is a partner of YIT in Slovakia." Lukáš Musil, Member of the Board of RSJ Investments, adds. "We have been successfully cooperating with YIT Slovakia for several years on projects in Bratislava and therefore we wanted to establish a partnership in the Czech Republic as well. We were attracted to the Vesi Hostivař residential complex by its exceptional location full of greenery and its ecological features. It is certainly not easy to find good housing in Prague today that is located in the forest and yet within easy reach of all the advantages of a big city. This project is thus another piece to our portfolio of quality residential properties, and we are expanding our cooperation with a developer with vast experience."

The Vesi Hostivař complex is being built on the brownfield site of a former sawmill near the Hostivař dam. It includes a total of 208 apartment-type units spread over five buildings. Most of the units have front gardens, on the higher floors terraces or balconies.

In Vesa Hostivař, YIT will start using so-called 'green' concrete, whose main advantages include saving natural resources and energy for their extraction, promoting a circular economy by using secondary materials and reducing the carbon footprint. The application of this concrete made from recycled aggregates will reduce CO2 emissions by almost 3%. As part of water conservation, rainwater from retention tanks will be preferentially used for watering on the site. In terms of renewable energy, the developer is going to install a photovoltaic plant to cover part of the electricity consumption in the common areas and for lighting the complex. "The entry of a new partner does not change the nature of the project in any way and YIT continues to provide complete engineering, construction, marketing and sales," says Marek Lokaj.