Oaks Prague secures €40m loan

By James Buckley - Thursday, October 12, 2017 14:42

Oaks Prague, a €400m residential, hotel and golf development in the Czech Republic being brought forward by Arendon Development Company, has secured a £40m loan facility with Raiffeisenbank to finance the first phase of the project.

The deal was concluded with support from partners Karlin Port Real Estate to finance the residential part of the Oaks Prague project.

The luxury development, which is already under construction, includes 250 homes; a boutique hotel, wellness and spa centre; PGA National golf course, to be operated by Troon International; a country club; equestrian centre; tennis academy; kindergarten and further services and amenities that will secure a quality living environment for all Oaks residents and surrounding villages. 

Oaks Prague will also 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, with the objective of creating a digitally connected environment for future residents that will offer a high standard of living and pleasant housing.

It will also include a village-wide portal, enabling neighbours to communicate, book all activities and services as well as provide information on traffic and local events.

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.”

Igor Vida, CEO of Raiffeisenbank a.s., said: “We are looking forward to cooperation on such a complex and innovative project. Oaks Prague fits in well with our long-term business strategy to provide our clients with professional services and tailor-made structured products.”

jbuckley@costar.co.uk

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