Tag Archives: J&T

Has Ikea chosen its Hradec Kralove site?

Speculation is mounting that Ikea’s next Czech store could be built on a site in Libisany at the intersection of the D11 and the R35 just outside Hradec Kralove.
Developer J&T Real Estate has spoken in the past of its hopes to bring the furniture retailer to its site on the western edge of the town. Deputy mayor Josef Malíř told CIJ that J&T’s location in Kuklany is 500 meters from the D11 motorway. “It’s crucial for Ikea that its blue building is visible from the highway,” he says.
The Kuklany site is a couple kilometers closer to town than Libisany, but it’s still unclear whether it will enjoy direct access to the main Hradec Kralove D11 exit, whose location hasn’t been definitively settled.

Bratislava Kempinski to open June 17

Cityof Hotels.com is reporting that the 231 room Kempinski Bratislava River Park is scheduled to open June 17. Located right on the Danube, it’s part of a larger project that was designed by Erick van Egeraat for J&T Real Estate. In late 2008, J&T slashed prices on the flats being sold as part of the development, marking the beginning of tough times for the entire residential sector in the Slovak capital.

J&T launches Prague luxury residential scheme

At a time when most are convinced that high-end residential is at its weakest point, J&T has unveiled a luxury residential project in what’s arguably Prague’s most exclusive location. Residence Kampa, on Vshrdova Street will offer 25 flats that will set people back around €10,000 per square meter. Crazy timing on the face of it, but having achieved 50% presales, the developer has good reason to think otherwise. The design of the reconstruction has been carried out by Loxia. King Sturge is working on the sales.

J&T controls 100 percent of Zbrojovka Brno

J&T has taken a 100 percent stake (original ČTK article, in Czech) in the bankrupt ammunition company Zbrojovka Brno and related firm ICP Byty through the company Stemwill, an SPV completely owned by the financial group.

The reason for the step is obvious: to avoid any potential problems or unpleasant surprises with the development of the former Zbrojovka area in the center of Brno, a plot that J&T bought two years ago. Together with Czech Property Investments, J&T paid CZK 707m (€26.4m) at auction for the 22 ha site, with the aim to redevelop it and build a new neighborhood with flats, offices and shops.

Both CPI and J&T are already well connected with the ammunition company, which went bankrupt in 2003. CPI acquired its residential stock (ICP Byty) in 2000, and J&T has owned 47 percent of the company since the late 1990s. “Now J&T has acquired the rest of the shares, just to make sure,” said Jiří Ochec, J&T’s marketing  manager, commenting to CIJ.