Helaba is providing long-term financing for the Czech project developer Crestyl for the revitalization of the well-known office “NR7” in a prime downtown location in Prague. With a total loan amount of almost €41 million, the historic premium property (built-in 1905) will be upgraded into a sustainably modern landmark building. The renovation will include the restoration of the facade, installation of two passenger elevators, the complete air conditioning of the premises, the creation of a flexible room layout according to the latest standards and the creation of an attractive roof terrace.
NR7, with a total area of approx. 5,600 sqm, is located in the heart of the city of Prague in a central and prime location on Namesti Republiky (Republic Square) opposite the Palladium shopping centre and has excellent visibility. The location is characterized by good retail, office and hotel locations as well as an attractive downtown residential location. NR7 benefits from excellent accessibility by public transport due to its location and infrastructure. Helaba is active in Central Eastern Europe for more than 16 years while the Czech Republic is among the bank’s most important target markets abroad.
Martin Erbe, Head of Real Estate Finance CEE, Benelux and International Clients in Germany at Helaba, commented: “We are very happy to finance for our very experienced client Crestyl such unique property like NR7 which – after completion – will be one of the most prestigious buildings in the centre of Prague. The office market in Prague is one of Helaba’s key markets in Europe and we are very pleased to add this transaction to our existing financing portfolio.”
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