Redstone, the real estate group owned by magnate Richard Morávek, is undergoing significant changes with the recent appointment of leading Czech manager Romana Benešová as the group’s CEO. This move has freed up Morávek to focus on seeking new business opportunities and strategically managing the holding company. Benešová brings over 20 years of experience from her time in the top management of the Czech branch of the consulting and auditing firm KPMG, as well as her previous role as the head of Kaprain, owned by billionaire Karel Pražák.
In a recent interview with SZ Byznys, Benešová highlighted the importance of Morávek’s vision and their shared commitment to doing things properly or not at all. She expressed her interest in contributing to the development of regions and bringing high-quality real estate projects to areas outside of Prague, where she has roots in both the capital city and her hometown of Bystřice pod Hostýnem in Moravia.
Redstone’s portfolio includes major development projects in cities such as Olomouc, Pardubice, and Ostrava. In Olomouc, they are working on a new district near the existing Šantovka shopping center, which is also part of the group. In Pardubice, they have obtained a building permit for the extensive Galerie Pernerka project, which combines retail, services, cinema, offices, and a hotel.
The real estate group’s assets amount to 5.2 billion CZK in 2022, with a pre-tax profit of 274 million CZK. Their largest projects include Nová Velkomoravská in Olomouc, Šantovka District and Šantovka Tower in Olomouc, and Galerie Pernerka in Pardubice. Redstone competes with other real estate companies in the same cities, such as PSN, BlackBird Real Estate, and DRFG Real Estate, as well as industrial property market leaders like Accolade, CTP, Panattoni, Prologis, and P3.
One of the challenges facing Redstone is the changing landscape of the real estate market, particularly in the industrial sector. While the company is venturing into industrial and warehouse construction, experts warn of risks such as declining rentals from automotive companies and a slowdown in online retail sales.
Benešová’s mission at Redstone is to support Morávek’s growth plans and oversee the execution of existing and upcoming projects. Despite the challenging market conditions, she remains optimistic about the potential of their projects and the opportunities in regions where they operate.
The group’s strategy includes expanding their team, establishing two offices in Olomouc and Prague, and creating a robust fund for qualified investors. They plan to gradually transfer completed projects to this fund to offer attractive returns. Discussions are ongoing to make the fund more appealing to investors in the current market environment.
Redstone utilizes bond financing to a significant extent, but they are also exploring other financing options to maintain a balanced mix. As interest rates decline, the company is considering refinancing opportunities to support their growth plans.
Looking ahead, Redstone is open to new projects and opportunities, including industrial properties. While they have a strong pipeline of projects, they are actively seeking new ventures to diversify their portfolio and capitalize on emerging trends in the real estate market.
Overall, Redstone’s strategic direction under Benešová’s leadership reflects a commitment to innovation, growth, and sustainability in the Czech real estate sector. With a focus on quality assets, strategic partnerships, and prudent financial management, the group is poised to navigate the evolving market dynamics and seize new opportunities for success.