Prague, November 3, 2023 (PROTEXT) – esk developer and investor Crestyl strengthened its position on the Central European residential real estate market. This week he completed the acquisition of the remaining 50% stake in one of the largest Polish residential developers Spravia (two Budimex Nieruchomoci) from the Cornerstone Partners group and thus fully controlled it. The two partners originally bought the Polish developer together in 2021 for PLN 1.51 billion (KP 8.5 billion), making it one of the largest real estate deals in Central and Eastern Europe. The price of the current transaction was not disclosed. This acquisition will enable the integration of Spravia into the Crestyl group and will increase Crestyl’s balance sheet from the current 850 million to 1.3 billion EUR with further growth in both markets. With this step, in the conditions of a complex real estate environment, Crestyl expands its activity in the non-executive Polish residential segment. Spravia is currently implementing 53 projects, of which 16 are under construction. Together, Crestyl will have a total portfolio covering 70 projects in Central Europe.
When we entered the Polish market more than two years ago, it was a milestone in the evolution of Crestyle and the first step abroad. At the same time, we needed a local partner who knows the Polish market well. We agreed with Cornerstone Partners that when the right time comes, we will fully control Spravaia as a strategic investor. Now that we have unified the ownership, we will focus on synergies that will benefit our activities in both countries. While the Czech Republic is our home market and we rely heavily on it, Poland is the key to the future, so we clearly want to develop here and we intend to support it, to Omar Koleilat, co-founder and general editor of the Crestyl group.
They have a long history of reliable and high-quality implementations, and we want to build on that and develop the company accordingly. Crestyl is a well-known team that specializes in projects with variable use for a long time. We want to use our experience in this segment and our knowledge of design and architecture on the Polish real estate market and expand Sprava’s area of competence beyond traditional residential projects. the operating editor of the Crestyl group and its general editor in the Czech Republic Simon Johnson adds.
Spravia is one of the largest developers of residential real estate in Poland. From 1999 until 2021, it operated under the name Budimex Nieruchomoci. The company completed 147 projects and their stages, in which more than 21,500 housing units and spaces were built (over 1,200,000 m2). Spravia has five regional offices, but also operates residential properties in six Polish cities: Varav, Kraków, Poznań, Gdańsk, Wrocław and Gdynia. In 2022, Spravia sold 966 residential and commercial units. The company employs 165 people and its assets are 400 million euros (2nd quarter 2023).
CRESTYL has been active on the Czech real estate market for twenty years and ranks among the leading developers with a wide portfolio of residential and commercial projects. Currently, it is actively engaged in the development of more than fifteen locations throughout the Czech Republic with a total investment value of EUR 1.2 billion. These include the first project in the center of Prague called Savarin, the recently completed DOCK building in Prague Libni, or the newly emerging Hagibor building near the Elivskho metro station.