YIT Stavo extended its residential portfolio with the acquisition of an ING Real Estate Development project in Prague’s Modřany district. Modřanská alej, renamed Koti Hyacint, will offer 274 units in six apartment buildings. In line with its strategy, YIT bought the land with a project and all the necessary permits in place. YIT adjusted the project’s layout according to its own view of current consumer demand by creating smaller units to be sold.
Construction will take place in three phases. The first apartment block, which has 70 units, is scheduled to come on line in 2014. The whole project is set to finish in 2015. “We are looking for further acquisitions. Five of our projects are currently under construction, with an additional four in their initial stages,” YIT Stavo director Vladimír Dvořák said in an e-15 report.
