The developer PSN bought 15 apartment buildings with 425 flats for approximately CZK 1.1 billion last year. Most of them are located in the Prague districts of Vinohrady, Nusle, Břevnov, Smíchov, Podolí, Krč and Žižkov, but it also bought buildings in Brno and Pardubice. PSN plans to reconstruct the buildings it has purchased and then sell or lease them. This year, the company plans to spend more than CZK 1 billion on new acquisitions, the company announced.
“Last year was a very good year for us in terms of acquisitions. This year we want to spend over a billion on acquisitions of real estate in Prague, Brno and Pardubice, and not only on apartment buildings. If any other interesting offers come up, such as the former Dancing House, City Empiria or Fashion House, which are now part of our core real estate portfolio, we are definitely not opposed to them,” said Pavel Citta, PSN’s Acquisitions Director.
Last year, the company concluded 23 purchase agreements for CZK 1.3 billion. The majority of the total investment consisted of the acquisition of 15 houses, while the remaining more than CZK 200m was spent on smaller transactions or land purchases, according to PSN media representative Markéta Kukaňová.
PSN is completing the BackYard Dejvice project in Prague 6. It will have 40 flats with layouts of 1 + kk and 2 + kk from 14 to 52 sqm. Not far from Prague Letná, PSN is completing the reconstruction of an Art Nouveau house in Na Výšinách Street. Two out of 14 apartments and duplexes from 1+kk to 3+kk and with dimensions from 23 to 109 sqm are currently vacant. The company is also working on the reconstruction of a trio of townhouses in Seifertova Street, in the immediate vicinity of the company’s headquarters. This year, over 60 apartments with layouts from 1 + kk to 3 + kk and sizes from 32 to 160 sqm will be completed there. They will be intended exclusively for rental housing. It will also include several non-residential premises where shops and service facilities will be built.
The company is also currently implementing the Vanguard Prague project in Prague 12, which is a conversion of a former factory into 150 lofts. A new building Ahoj Vanguard with 94 flats is also being built in its neighbourhood.
PSN has been operating on the Czech market since 1991, originally as Pražská správa nemovitostí. It owns properties in Prague, Pardubice, Hradec Králové and Brno. Among the most famous are the Dancing House, the Fashion House on Wenceslas Square and City Empiria in Pankrác. Recently, he has also been involved in the construction of residential projects, working for example on the transformation of the Koh-i-noor factory complex in Prague’s Vršovice. Until 2020, the Kotva department store was also part of its portfolio. According to Seznam Zprávy, PSN is the 84th most valuable Czech company and its value is estimated at CZK 3.3 billion.
Source: PSN and CTK
Photo: Vanguard Prague project in Prague 12
