The Czechs are expanding business with a Finnish concern, they will build apartments in the Baltics

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RSJ investment group managed by a billionaire Libor Winkler significantly expanded the existing cooperation with the Finnish developer holding YIT. For the first time ever, both groups will build apartments together in the Baltics, specifically in Lithuania and Latvia. At the same time, they concluded a contract for the construction of a large residential project in Bratislava.

The RSJ and YIT tandem has already collaborated on projects in the Czech Republic and also in other projects in Slovakia.

“Where something is working very well, expanding the partnership is an ideal option and we are very much looking forward to working with the whole team. We are building on an already tested model, i.e. we have established a separate joint venture for each project and we own a half share in each of them,” said RSJ board member Lukáš Musil.

“There is a great demand for apartments in Vilnius and Riga. YIT is building here in highly desirable residential locations,” added RSJ manager Tomáš Tajer.

The current stages of development projects in the Baltics, in which Winkler’s group entered, have a total of 245 apartments. The Mlynárka project in the Slovak capital is even bigger.

“The capacity of Mlynárka in Bratislava is up to 1,500 apartments, and the project also includes an office building of 12,000 square meters,” noted Musil from RSJ.

While the Finnish YIT is the developer providing the construction, in this case RSJ functions mainly as a financial investor. In total, RSJ will invest 50 million euros in new projects with a Finnish partner. According to the current exchange rate, this is 1.3 billion crowns.

If the involvement of domestic investors in construction in the Baltics is an exceptional matter, Bratislava is a more frequent destination for Czech developers.

RSJ Group

  • The group is managed and co-owned by billionaire Libor Winkler.
  • The holding invests in real estate, technology, IT, biotechnology and land.
  • A related company to RSJ Investments, which, however, functions as an independent entity, is the joint-stock company RSJ, which trades on world stock exchanges through its other companies.

For example, investor David Rusňák’s DRFG group is planning the construction of the Ister Tower high-rise building in the Slovak capital in cooperation with another developer. The total investment in the hundred-meter-high building is to be around six billion crowns.

Another domestic builder investing in Bratislava is Top Estates. The latter is preparing the construction of the Portum Towers project in the metropolis above the Danube, two apartment towers 117 and 99 meters high, respectively.

The article is in Czech

Czechia

Tags: Czechs expanding business Finnish concern build apartments Baltics

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