ARTICLES LABELLED WITH TAG Crestyl

In mid-March, the property development and investment group Crestyl appointed Marian Rašík as its new CFO (Chief Financial Officer) and member of the Board of Directors. In his role, he will have primary responsibility for the planning, implementation, management and operation of all financial activities across the Crestyl Group. Jozef Ďurík will continue to be Crestyl's CFO in the Czech Republic, the company reports.

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. 

Following the acquisition of Polish residential developer Budimex Nieruchomości - now renamed Spravia - construction of its first project has begun with its new owner, Czech developer and investor Crestyl. The two phases of the Mińska 69 residential complex in Warsaw will offer nearly four hundred apartments for long-term rent. Based on a previously concluded strategic partnership, they will be bought by Heimstaden Bostad, one of Europe’s leading residential real estate rental companies.

Local developer Crestyl plans to build six office buildings as part of the new Prague district Hagibor in the vicinity of Želivského metro station. The construction of the first phase, in which EP Real Estate is also involved, will start this year. Crestyl is also gradually building five residential buildings on the site. The cost of the entire project will exceed €350 million (CZK 9 billion), local daily E15 reports.

Czech real estate developer and investor Crestyl, together with investment management firm Cornerstone Partners, completed the acquisition of Polish residential developer Budimex Nieruchomości. Budimex Nieruchomości was a subsidiary of Poland's largest construction group, Budimex SA, owned by the Spanish infrastructure giant Ferrovial.

pbb Deutsche Pfandbriefbank (pbb) and Helaba have jointly underwritten an investment facility, totalling €130 million to refinance “Dock In Office Park” (4 buildings) in Prague for Crestyl Group. pbb and Helaba are acting as joint lead arrangers providing equal portions of the funding. pbb also acted as facility and security agent of the transaction.

Cornerstone Partners, a corporate and real estate private equity investment manager, together with Crestyl Group, a Czech leader in developing multi-purpose real estate projects, have entered into a contract to buy Polish residential developer Budimex Nieruchomości. Other partners participating in the deal include blue-chip financial investors. The conclusion of the transaction is subject to approval from Poland's Anti-Monopoly Office.

Czech developer Crestyl Group is the process of developing a number of large-scale mixed-use projects in the capital and beyond. Omar Koleilat, CEO of the company talked to Property Forum about Crestyl’s development plans and shared his expectations for the Czech investment market in 2021.

Local developer Crestyl, through its subsidiary Savarin p.l.c., is issuing five-year zero-coupon bonds with a total nominal value of €84 million (CZK 2.2 billion) this week, with the possibility of increasing to CZK 3.3 billion. The purpose of the issue is to finance the Savarin project, which is being developed in the vicinity of Prague's Wenceslas Square and Na Příkopě Street. The multi-purpose complex also includes space for the installation of Alfons Mucha’s Slav Epic. The issue was prepared by J&T Banka and the bonds are also traded on the regulated market of the Prague Stock Exchange.