HARTENBERG ENTERS INTO RESIDENTIAL DEVELOPMENT SECTOR BY FORMING A LONG-TERM STRATEGIC PARTNERSHIP WITH JRD
March 12, 2020
Hartenberg and JRD have formed a strategic partnership after agreeing on a long-term cooperation for Prague-based real estate development projects. On a project by project basis Hartenberg will provide majority of the equity financing, JRD will lead the operational side of the venture.
The first result of the mutual cooperation is a unique residential project Císařská Vinice in Prague 5 in close proximity to Ladronka Park. Located on the area of historical vineyards, the project designed in cooperation with architects from Podlipný Sladký, Olgoj Chorchoj and Flera, will offer 7 villas and more than 70 flats for families and individuals looking for a healthy living alternative combining maximum privacy and city center location. The start of the construction of Císařská Vinice is planned in 1Q 2021.
The expectation of Hartenberg from the venture is to place 200 to 300 flats on the Prague market annually starting from 2023.
“We have been continuously monitoring the real estate market in the Czech Republic since our successful exit from Orchard office project in Ostrava. Due to the rather inflated prices in traditional commercial real estate market segments, we decided to expand our span of interest into the development stage of residential development. We believe that JRD is an ideal partner due to their proven track record, excellent reputation on the market, client oriented approach and especially their unique product. We are confident about the positive market outlook for residential development in Prague driven especially by strong client demand despite steadily increasing prices”, commented David Hort, Investment Manager at Hartenberg responsible for the project.
JRD is a holding company that covers activities of Mr. Jan Řežáb in the area of real estate development and renewable energy. The real estate business of JRD is being managed by JRD Development, one of the major real estate developers in Prague with focus on residential segment. Since its inception in 2003, JRD Development has become a clear leader and promoter of energy efficient, eco-friendly and sustainable housing. Historically, JRD Development successfully built more than 20 residential projects and during last 5 years the number of flats sold under JRD brand exceeded 600 units worth of 3.5 billion CZK.
For more information about Hartenberg and JRD, please use the following links.
About Císařská vinice: https://www.cisarskavinice.cz
About Hartenberg: www.hartenbergcapital.com
About JRD: www.jrd.cz