Czech republic restarts major project

Multi Development Czech Republic has announced the restart of construction of its major inner-city development in Ostrava after a one-year break due to the financial crisis. This follows Multi's recent announcement of closing the EUR 99 mln funding deal through a syndicated loan from four banks...

New Karolina in Ostrava is one of the largest urban development and revitalisation projects in the Czech Republic. Within the total 32 ha site, the first of four planned phases comprises of a 57,000 m2 shopping and leisure Centre, a 23,000 m2 office building, a 200-apartment residential block and two historic buildings reconstructed to fulfill modern functions, all set in a newly built infrastructure with carefully planned public spaces. With total investment of over EUR 200 mln phase 1 will be completed in spring 2012.

Ronald Dasbach, Managing Director of Multi Development for Central Europe commented: 'Five years ago, Multi took the conscious decision to focus on projects in the hearts of cities, where assets are less vulnerable to commercial risks. Here, the often broken or incomplete urban network can be successfully completed, bringing people and life back into the historic centres of European towns. Multi is fully committed to the Central European region and is planning further investments in Czech Republic, Slovakia and Poland.'

Source: www.propertyEU.info