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GE Real Estate Expands Presence in Czech Multifamily Market
Published: July 19, 2007
Prague, CZECH REPUBLIC -- GE Real Estate Central & Eastern Europe, along with Crestyl and Cheyne Capital, have acquired a ICKM Real Estate portfolio of residential developments in the Czech Republic in a € 100-million transaction.
As part of the transaction, Crestyl, a Czech development firm, will wholly acquire ICKM, a development management company. Since its creation in 1996, ICKM has built approximately 1,000 residential units in Prague.
The joint venture has acquired three of ICKM Real Estate’s existing three development projects with about 1,000 additional units under construction. The acquisition also includes eight sites in Prague, the nation’s capital city, and Central Bohemia, an administrative unit of the country, which are to be developed into 1,500 units. The venture is targeting a total residential development investment portfolio in excess of €500 million in the Czech Republic and Slovakia.
“This is an excellent opportunity to broaden our exposure to the Czech residential market by investing in an established local residential operator with a successful track record and a strong pipeline for future schemes,” says Karim Habra, managing director of GE Real Estate Central & Eastern Europe.
The purchase of ICKM represents a significant investment in the Czech residential market by both GE Real Estate and Crestyl. In 2004, GE Real Estate invested in a joint venture with Golub and Orco Property Group to develop 1,200 residential units, and Crestyl is currently developing about 400 residential units throughout the Czech Republic.
