The Crestyl development group will build the first phase of an office complex in Prague’s Hagibor in cooperation with the EP Real Estate companies of billionaire Daniel Křetínský. Information SZ Business confirmed Crestyl.
“To start construction on such a large project as Hagibor’s, we considered it a good joint risk with another entity, which can also bring the vast majority of companies as potential tenants. That is why we have agreed with EP Real Estate on a partnership for the first phase of the office, which includes two office buildings, “said Crestyl CEO Omar Koleilat.
Construction of the first stage will begin this year. Investors estimate completion by 2023. The project is located on Vinohradská třída in close proximity to Radio Free Europe.
Each of the partners has a half share in the first part of the project. “The EP has great ambitions in the field of real estate and the conclusion of a partnership in the case of the first office phase of Hagibor is also a potential step towards further cooperation on other investments,” added the head of Crestyl.
The new district on Hagibor near the Želivského metro station includes not only offices, but also apartments and services. The new face of the site will come from the architectural studios Bogle Architects and Ian Bryan Architects. French landscape painter Michel Desvigne is also collaborating on the project.
Crestyl estimates the total investment in the project at nine billion crowns.