PSN made 15 apartment building acquisitions last year

by   CIJ News iDesk III
2024-02-08   10:19
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In 2023, PSN concluded 23 purchase agreements with a total value of over CZK 1.3 billion, the largest part of which consisted of 15 apartment buildings. The majority of them are located in the attractive Prague districts of Vinohrady, Nusle, Břevnov, Smíchov, Podolí, Krč and Žižkov, but the company also purchased properties in Brno and Pardubice. PSN sensitively reconstructs the purchased buildings and then sells or rents the units. During the renovation, it builds modern housing in them that meets today's needs and trends. This year, the company plans to spend more than CZK 1 billion on new acquisitions again.

"Last year was a very successful year for us in terms of acquisitions. Behind every purchase we made was a great deal of work and careful evaluation. When we decide, we are able to implement the deal very quickly," says PSN's Acquisitions Director Pavel Citta and outlines the company's future plans. We are thus fulfilling our vision and ambition. Should any other interesting offer appear, such as the former Dancing House, City Empiria or Fashion House, which are now part of our core property portfolio, we are certainly not opposed to it."
PSN has been renovating houses for over 30 years and has a wealth of experience in this field. "In view of the permanent shortage of new apartments, especially in Prague, we believe this is a sensible way to offer those interested in the lack of comfortable housing. In addition, we are restoring the original splendour and beauty of buildings with a unique genius loci, which we are also transforming into 21st century housing. Units in contemporary design feature modern technology and amenities. When renovating the buildings, we also focus on common areas such as laundry rooms and bike rooms, and together with them we revive the courtyards with pleasant seating and plenty of greenery," explains Pavel Citta.

Successful renovations that PSN is currently completing include the BackYard Dejvice and Bydlení Na Výšinách projects, among others. In both of them, only a few last units remain.

The BackYard Dejvice project in Prague 6 is an example of an apartment building from the 1930s that has undergone a complete transformation that emphasizes the preservation of historical elements. In order to meet the requirements of modern living, the conversion included a laundry room with washing machines and dryers, a bike room and an elevator. Behind the building, PSN has built a generous common courtyard with plenty of greenery, where future residents will find a cosy environment for socialising and relaxing with a barbecue area and greenery.

The reconstruction of an Art Nouveau house from the 1920s in Prague 7 is also nearing completion, which is being transformed into the project Bydlení Na Výšinách with 16 apartments and 2 non-residential units with layouts from 1 + kk to 3 + kk and sizes from 23 to 109 m2. On the upper floors the most demanding will find luxury duplexes. Also within this project, PSN renovated the common courtyard, which was supplemented with a wheelhouse.

PSN is also working on the reconstruction of a trio of townhouses on Seifertova Street, in the immediate vicinity of the company's headquarters. This year, over 60 flats will be completed here, ranging in size from 32 to 160 sqm, with layouts from 1-bedroom to 3-bedroom and intended exclusively for rental housing. It will also include several non-residential premises, where shops and service facilities will be built.