At the turn of the year, the development and investment company Crestyl bought a residential housing project in Radlice, near Radlická Street, from the developer Red Group. The project with an already issued zoning decision will include over 150 flats. By including it in its portfolio, Crestyl will further expand the offer of new housing in another part of the capital. The price of the transaction was not disclosed, the investment took place without the involvement of bank financing.
“We are continuing our strategy of strengthening our residential portfolio. The new project will suitably complement our current flagship on the opposite side of the capital city center, Hagibor in Vinohrady. In addition, we know the location of Prague 5 well, last year, together with UBM Development Czechia, we approved the Neugraf modern housing project in Smíchov,” says Simon Johnson, CEO of Crestyl. “We are glad that we managed to close the transaction with the Red Group, the project fits well into our portfolio,” he added.
The residential project in Prague’s Radlice with more than one hundred and fifty Crestyl apartments will be fully integrated into its portfolio in the coming months with a new name, identity and Crestyl standards that will correspond to the developer’s other activities. The project is located in Radlická Street next to the Kotelna Park administrative complex and is in the phase of a zoning decision. The documentation for the building permit is currently being worked on and it is expected that preparatory construction work will begin at the end of the year.
Under the baton of Crestyl, the new Hagibor district in Prague is currently growing next to the Želivského metro station. In addition to the six office buildings, it also includes five residential buildings – two of which are nearing completion, and construction of the third will begin shortly. The Hagibor project will also create a new square and a central pedestrian boulevard with shops and restaurants, which will lead from the exit of the metro. The project places great emphasis on public space – its author is the most important landscape architect of today, Michel Desvigne. He came up with the concept of an “urban forest”, in which up to two thousand trees will be planted. Last year, Crestyl, together with UBM Development Czechia, completed the Neugraf modern housing project in Smíchov, a year earlier the residential part of its large-scale DOCK project in Liben, Prague, which stretches around the two blind branches of the Vltava. In the autumn, the construction of the next stage of family housing was also started in the village of Vysoký Újezd, which is located near the metropolis in the middle of nature. Crestyl is currently preparing other residential projects.
