As part of the restructuring of the Avestus Real Estate business, a new residential development entity, SHD Real Estate (SHD), has been established. The new company will continue to work on residential opportunities with a remit to develop across all residential sectors, including residential for rent and student accommodation. SHD will be operated and managed by the original Avestus Real Estate residential team based in Prague and they will be investing in opportunities across the Country. Avestus will continue to focus on its existing commercial development portfolio, the latest project under construction is the Infinity office complex in Wroclaw.
The new SHD team will look to build on the success of their latest project in Prague and is already in negotiations on a number of opportunities both in Prague and across the country. The company retains the active support of the major investors behind the residential projects undertaken by the ARE management in the past. They have together created a successful track record in the Czech Republic and in the other parts of the Region.
David Kriz (MRICS), who has held senior roles at ARE since 2004 brings extensive residential development experience to the new company and will head up the new venture. “It is a great opportunity to build on the Modřanský Háj project success and we are delighted to have the continued support of the investors. We are looking forward to delivering interesting projects with them in the future as well as continuing to manage their existing portfolio,“ said David Kříž on behalf of SHD.
Peter Donnelly, Principal at Avestus Capital Partners, said: “The establishment of SHD will allow our excellent residential team to focus solely on residential projects across the Czech Republic with the support and backing of its existing investors, while Avestus Real Estate itself will concentrate on its commercial office developments and other future opportunities in Poland.”
In Poland, ARE remains focused on its commercial activities, where it is a strong office sector developer, asset manager and property manager with projects including Enterprise Park in Krakow, Imagine in Lodz and Infinity in Wroclaw.