Poland Crestyl takes control of Spravia

This transaction will enable the integration of Spravia into the Crestyl Group, while further strengthening Crestyl’s balance sheet from the current EUR 850 million to EUR 1.3 billion, with the intention to grow further both in Poland and the Czech Republic. Spravia is currently developing 53 projects, out of which 16 are under construction. Together with Crestyl, the total portfolio will have 70 projects in Central Europe.

Crestyl and Cornerstone Partners initially bought Budimex Nieruchomości in 2021 and subsequently renamed it Spravia. The transaction amounted to PLN 1.51 billion and was one of the largest in the CEE residential property market.

The transaction two years ago was a milestone in Crestyl's evolution and our first step abroad. At the same time, we needed a local partner who was familiar with the Polish market. We agreed with Cornerstone Partners that when the time was right, we would take full control of Spravia as a strategic investor. Now that we have consolidated the ownership, we will focus on the synergies that will benefit operations in both countries. Poland is a key part of our future.
Omar Koleilat, co-founder and CEO of Crestyl Group

Spravia is one of the largest developers of residential real estate in Poland. It has been operating since 1999 under the name Budimex Nieruchomości until 2021. The company has completed 147 projects and their phases, in which over 21,500 housing units and premises (over 1,200,000 sqm) have been built. Spravia has five regional offices, but operates and builds housing estates in six Polish cities: Warsaw, Krakow, Poznan, Gdansk, Wroclaw and Gdynia. In 2022, it sold 966 residential and commercial units. The company employs over 165 people and its assets are close to EUR 400 million (Q2 2023).

Crestyl has been operating on the Czech real estate market for more than twenty years now, with a portfolio of residential and commercial projects. Currently, it is actively developing more than fifteen sites all over the Czech Republic with a total investment value exceeding EUR 1.2 billion. This includes the largest project in the centre of Prague called Savarin, the recently completed Dock quarter in the Prague district of Libeň and the newly emerging Hagibor quarter near the Želivského metro station.