Czech developer Finep has sold the Novy Opatov G1 residential rental project to Reico CS Nemovitistni.
The Prague office of the Clifford Chance law firm, which advised Finep on the transaction, describes its client as “a leading real estate developer, boast[ing] a 30-year history as a market influencer in the Czech real estate market.” The firm reports that, “over the years, [Finep] has delivered over 15,000 residential units and 200 houses. Finep remains committed to diverse housing options, including personal ownership, cooperative ownership, and rental solutions, emphasizing affordability.”
Also according to Clifford Chance, “RCSN, the largest and oldest real estate fund in the Czech Republic, has a robust portfolio of 20 properties across the Czech Republic, Slovakia, and Poland, valued at nearly 38 billion CZK. At the end of August 2024, over 120,000 shareholders had invested in the RCSN fund, and the fund’s yield over the last 12 months was 5.1%.” The firm reports that “this landmark deal marks RCSN’s first venture into the residential real estate market, diversifying its portfolio, which has traditionally focused on commercial properties.”
Construction on Novy Opatov is expected to begin this month, and once completed, the complex will feature 170 rental apartments. It is expected to open in early 2027.