GE Real Estate and Crestyl, in association with Cheyne Capital, have teamed up to buy ICKM Real Estate, a €100m (£67.9m) portfolio of residential developments in the Czech republic.
The trio have bought three of ICKM’s existing development projects with around 1,000 units under construction. The deal also included a further eight sites in Prague and Central Bohemia which will be developed into 1,500 residential units. Crestyl will also wholly own ICKM Real Estate, the development management company.
The total development investment portfolio being targeted by the three companies is worth €500m (£340m) in the Czech Republic and Slovakia.
Both GE Real Estate and Crestyl have already invested in the Czech Republic. GE Real Estate invested in a joint venture in 2004 with Golub and Orco Property Group to develop 1,200 residential units, whilst Crestyl is currently developing around 400 residential units throughout the Czech republic.