Crestyl strengthens its position abroad, taking full control of a key residential developer in Poland
Prague, 2nd November 2023 – Czech developer and investor Crestyl has strengthened its position on the Central European residential property market. This week it completed the acquisition of the remaining 50% stake in one of Poland's largest residential developers Spravia (formerly Budimex Nieruchomości) from Cornerstone Partners, giving it full control of the company. Both partners initially bought the Polish developer in 2021 for PLN 1.51 billion (approximately CZK 8.5 billion) in one of the largest real estate deals in Central and Eastern Europe. The price of the current transaction has not been disclosed. This acquisition will enable the integration of Spravia into the Crestyl Group, while further strengthening Crestyl’s balance sheet from the current 850 million EUR to 1.3 bilion EUR, with the intention to grow further in both markets. With this step, and in a difficult real estate environment Crestyl expands its platform in the extremely well performing residential segment in Poland. Spravia is currently developing 53 projects out of which 16 are under construction. Together with Crestyl, the total portfolio will have 70 projects in Central Europe.
"When we entered the Polish market more than two years ago, it 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. Whilst Czechia is our home turf and we rely on it heavily, 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," says Omar Koleilat, co-founder and CEO of Crestyl Group.
"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," adds Simon Johnson, COO of the Crestyl Group.
Spravia is one of the largest developers of residential real estate in Poland. It has been operating since 1999 under the name Budimex Nieruchomości until 2021. The company has completed 147 projects and their phases, in which over 21,500 housing units and premises (over 1,200,000 sqm) have been built. Spravia has five regional offices, but operates and builds housing estates in six Polish cities: Warsaw, Krakow, Poznan, Gdansk, Wroclaw and Gdynia. In 2022, Spravia sold 966 residential and commercial units. The company employs over 165 people and its assets are close to EUR 400 million (Q2 2023).
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