Czech Republic-based real estate developer Finep has sold its Stodulky Residential rental project in Prague’s developing British Quarter to the Reico Nemovitostni real estate fund.
According to the Clifford Chance law firm, which advised Finep on the deal, Stodulky Residential is part of the Britska Ctvrt development, and, when complete, will consist of 219 modern rental apartments across three buildings with a total floor area of 10,400 square meters. Construction is scheduled to commence this month and is expected to be completed within three years.
“For us, the British Quarter is a symbol of long-term and well-thought-out urban development,” said Finep CEO, Tomas Pardubicky. “We are pleased that we can build on the successful residential construction here with a project that will offer quality rental housing to institutional investors as well. We see rental housing not only as an economic opportunity, but also as a real response to the changing needs of society,”
Reico Nemovitostni adds Stodulky Residential to its portfolio of 20 properties across the Czech Republic, Slovakia, and Poland, collectively valued at nearly EUR 1.5 billion.
The project is being developed in cooperation with the Ungelt Group investment company.
Image source: www.finep.cz