International Property News

J&T to invest over CZK 90bn in real estate projects

24th April 2008

Czech-Slovak group J&T wants to invest more than Kc90bn (EUR3.75bn) in real estate projects in the next five years, J&T representative Dusan Palcr said Wednesday at international construction fairs held in Brno.

J&T wants to invest up to Kc40bn in real estate in the Czech Republic in the years to come. The company said earlier it also wanted to make a considerable investment in the energy sector.

J&T wants to build several multipurpose complexes in Prague, The group also plans a hotel network in the Czech Republic and Slovakia and several residential and office projects.

J&T also plans to rebuild the premises of bankrupt arms maker Zbrojovka Brno it bought in January last year for Kc707m, together with developer CPI Group. J&T and CPI each hold a 50-percent stake in the Zbrojovka premises.

The company plans to build blocks of flats, shops, offices and leisure zones as part of the new quarter, situated near the city centre. The change should cost an estimated Kc8bn-Kc11bn, Palcr said.

J&T is one of the largest financial groups active in the Czech Republic, with assets topping Kc110bn.

J&T owns Czech bank J&T Banka, the Sparta Prague football team and Czech engineering companies SES Tlmace and CKD Blansko Strojirny, for instance.

The group also holds minority stakes in petrochemical holding Unipetrol and pharmaceutical company Zentiva, and controls TV station Joj in Slovakia.

Source: Prague Monitor