MINT Residential Fund buys FINEP’s Prague 9 resi project

Published: 17. 10. 2023

Mint Residential Fund has signed a contract with the residential developer FINEP for the reconstruction of a former industrial building. Including additions to the building, the project has been designed to offer 168 flats at Poděbradska 61 along with 71 parking places. The transaction is reportedly worth almost CZK 1 billion.

“We found a professionally prepared project at Poděbradská 61 where the needs of rental housing have been thought through down to the last detail making it an excellent investment opportunity,” says Erik Janovský, the fund’s investment manager.

Among those details, he said is the carefully chosen mix of apartment sizes. Which is to say that most of them are quite small. Most of the units are one-room studios, but there are also 2kk and 2+1 flats. “It’s an untraditional project in many regards. We’re saving a brownfield, a former industrial building and transforming it into flats.” The building’s high industrial ceilings make efficient (albeit non-standard) design solutions possible, such as raised sleeping areas. “Our goal is to offer the middle class new rental opportunities in a modern, dynamically developing location,” says Janovský. Construction began this month and is expected to complete within two years.

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