Czech developer FINEP and international investment and development group AFI Europe have announced two signed transactions that will add more than 800 apartments in two different locations to the Prague rental housing market over the next three years. FINEP will newly build two apartment buildings with more than 300 apartments for AFI Europe in the Nová Elektra project in Prague 9 - Hloubětín. In addition, AFI Europe is buying from FINEP the project "V Korytech" in Prague 10 – Strašnice where AFI Europe intend to develop residential project having more than 500 apartments. Moreover, the two companies expect to cooperate on rental housing in other locations soon.
In three years, the surroundings of Smíchovský nádraží in Prague will change beyond recognition. Today, there is a huge construction site where construction is taking place in parallel under the direction of private and public investors. Their representatives officially presented the next stage of the Smíchov City project on Wednesday.
Construction activity is beginning to move to the desolate southern part of Prague's Smíchov. Developer Sekyra Group is launching the second stage of its extensive project for the new Smíchov City district here. Within a few years, three administrative buildings should be built here, including the new headquarters of Česká spořitelna and a hotel. The private project for a total of 35 billion crowns will be followed up by the city and the Railway Administration, which are working here to modernize the railway and build a new transport terminal. Public investments will reach another fifteen billion crowns.
The rebranding and reconstruction of the building on Karlov náměstí concerns retail and office spaces and architectural modifications with the installation of a new logo and brand identity.
Despite the current weakening of the investment activity in the Central and Eastern European region (CEE) volumes of investment in commercial real estate in the Czech Republic in the first quarter of 2024 recorded a year -on -year increase of 36 %. In total, in this period, capital was invested in the volume of EUR 545 million, dominated mainly by local investors. The yields did not notice any significant movement compared to the previous quarter. According to Colliers' estimates, a leading provider of diversified professional services in the field of commercial real estate and investment administration, the total volume of transactions in 2024 should reach EUR 1.4 billion. This would mean the end of the three -year decline period and the hope that the Czech real estate investment market is reflected from the bottom.
With the ceremonial knocking of the foundation stone, Passerinvest Group symbolically started the construction of the multi-functional building Hila in Brumlovka in Prague 4. Upon its completion in the spring of 2027, the building will provide a combination of approximately 20,500 m² of offices for rent (2nd to 8th floors), 71 rental housing units (9th to 15th floors) and on the ground floor a commercial area of 2,000 m². All this within one object. The building will also offer spacious terraces for office users and loggias with beautiful views for residents. The Hila building will fully comply with the company's ESG strategy and will thus be equipped with modern technologies, of which, for example, the cooling and heating system with radiant ceilings, which represents the most modern concept of indoor climate control, is worth noting. Thanks to a well-thought-out combination with planned heat pumps, it will be a highly efficient and operationally economical solution. The renowned studio Aulík Fišer architekti is behind the architectural rendering of the project, the construction contractor is the company Gemo. The owner and investor of the building is the Passerinvest Group.
Billionaire Radim Passer is changing the face of another Prague location. After Brumlovka, which he has been continuously developing for over a quarter of a century, his development company Passerinvest completed its initial project in nearby Roztyly – the Roztyly Plaza administrative building.
Construction companies and developers look forward to this date with great uncertainty. From July 1 this year, building authorities will decide on all constructions according to the new building act. Although it came into effect at the beginning of the year for infrastructure and transport constructions, according to him, all other constructions, including large development projects, will also be assessed in the summer.
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