HARTENBERG ENTERS INTO RESIDENTIAL DEVELOPMENT SECTOR BY FORMING A LONG-TERM STRATEGIC PARTNERSHIP WITH JRD

March 12, 2020

Hartenberg and JRD have established a strategic partnership, solidifying their long-term collaboration on Prague-based real estate development projects. Under this agreement, Hartenberg will provide the majority of equity financing on a project-by-project basis, while JRD will take the lead in operational management.

The first project born from this partnership is Císařská Vinice, an exclusive residential development in Prague 5, situated near Ladronka Park on historic vineyard land. Designed in collaboration with architects from Podlipný Sladký, Olgoj Chorchoj, and Flera, the project will feature seven villas and over 70 modern flats. These residences cater to families and individuals seeking a balance between privacy and city-center convenience. Construction is set to begin in Q1 2021.

Hartenberg aims to introduce 200 to 300 flats annually to the Prague market starting in 2023.

“Since our successful exit from the Orchard office project in Ostrava, we have closely monitored the Czech real estate market. Given the inflated prices in traditional commercial real estate, we opted to shift our focus toward residential development. JRD is an ideal partner thanks to its proven track record, strong market reputation, and client-oriented approach. We are confident that Prague’s residential market remains strong, driven by high demand despite rising prices,” said David Hort, Investment Manager at Hartenberg.

JRD operates as a holding company overseeing Jan Řežáb’s activities in real estate development and renewable energy. Its real estate arm, JRD Development, is one of Prague’s leading residential developers, specializing in sustainable and energy-efficient housing. Since its founding in 2003, JRD has successfully delivered more than 20 residential projects, selling over 600 flats worth 3.5 billion CZK in the past five years.

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