Czech real estate developer and investor Crestyl has acquired the remaining 50% stake in residential developer Spravia from Cornerstone Partners, giving it full ownership of the company.
This acquisition will strengthen Crestyl's position abroad and increase its balance sheet amount from €850 mln to €1.3 bn.
Spravia operates in six cities in Poland (Warsaw, Krakow, Poznan, Gdansk, Wroclaw, and Gdynia) and has a portfolio of 53 projects, of which 16 are under construction. This acquisition will bring Crestyl's total number of projects in Central Europe to 70.
Crestyl's first goal after the acquisition is to achieve stable development and synergy in both the Czech and Polish markets.
Omar Koleilat, co-founder and CEO of Crestyl Group, said: ‘The transaction two years ago was a milestone in Crestyl's evolution and our first step abroad. At the same time, we needed a local partner who was familiar with the Polish market. We agreed with Cornerstone Partners that when the time was right, we would take full control of Spravia as a strategic investor. Now that we have consolidated the ownership, we will focus on the synergies that will benefit operations in both countries. Poland is a key part of our future – we want it to continue to grow significantly and we intend to support it in doing so.’
Simon Johnson, COO of the Crestyl Group, added: ‘The Spravia platform has a long history of timely and quality delivery, and we want to build on it and develop it further. Crestyl is known for its long-standing expertise in mixed-use projects. We want to use our experience in this segment and our design and architectural expertise in the Polish property market to expand Spravia's scope beyond traditional residential projects.’
Crestyl and Cornerstone Partners bought Spravia (then Budimex Nieruchomosci) in 2021 for PLN 1.51 bn (€336 mln), in one of the biggest transactions in the CEE residential property market at the time. The company has completed 147 projects and their phases, in which over 21,500 housing units and premises (over 1,200,000 m2).
Crestyl is currently developing over 15 residential and commercial sites with a total investment value of over €1.2 bn, including some of the largest and most prestigious projects in Prague, such as Savarin, Dock, and Hagibor.
