Raiffeisenbank has agreed to provide financing for the first stage of Oaks Prague, a €400 mln residential, hotel and golf development in the Czech Republic.
Arendon Development Company said the CZK 1.2 bn (€50 mln) facility for its Oaks Prague project was one of the largest residential development financings to date in the Czech Republic.
The deal was concluded with support from partners Karlin Port Real Estate to finance the residential part of the project.
Robert Davies, CEO of Arendon Development, said: 'This is a landmark deal for Czech real estate, and a major confidence boost in the robust Czech residential market. The loan facility is a major step in moving forward with the development. The show of confidence in our project is greatly appreciated.'
Arendon Development Company and Aredon, owner of the scheme, are the Czech sister companies of Decimus Real Estate, a global real estate developer based in London.
The luxury development is already under construction on 140 hectares of land, 20km southeast of the Czech capital.
The project features 250 homes and a boutique hotel, wellness and spa centre. There is also a PGA National golf course, to be operated by Troon International; a country club; equestrian centre; tennis academy; kindergarten and further services and amenities.
The world-class architects who have developed designs for Oaks Prague include Richard Meier, Eva Jiricna and John Pawson.
Oaks Prague will be home to Europe’s first ‘Smart Village’, powered by T-Mobile. T-Mobile is developing a technological and philosophical smart home concept for the residential project. The aim is to create a digitally connected environment for residents to offer a high standard of living and pleasant housing.
There will be a village-wide portal, enabling neighbours to communicate, book all activities and services as well as provide information on traffic and local events.