Wednesday, 22 October 2025
CASPYAN FUND SICAV, an investment fund with projects valued at over CZK 850 million, has begun selling apartments in its latest development, the Konstanta Karlín residential project. Located in one of Prague’s most in-demand districts, the building will feature 44 apartments ranging from 1+kk to 3+kk layouts, alongside three commercial units.
CASPYAN, active on the Czech real estate market for more than a year, focuses on residential investments within the capital. The fund’s leadership, with over a decade of experience in property development, said its strategy combines financial performance with urban revitalisation.
“We have confidence in our projects and believe they bring long-term value to both investors and the city,” said Miroslav Kašpar, a member of CASPYAN’s supervisory board. “Our approach centres on quality architecture, functional design, and locations with potential for lasting growth. Many of our developments involve transforming underused areas into vibrant, livable spaces.”
The fund’s current portfolio is concentrated in Karlín, a district known for its mix of industrial heritage and modern urban lifestyle. Completed investments include the redevelopment of the former František Křižík steam power plant into the Fabrička office building, which offers around 1,000 m² of leasable space, and the renovation of a historic residential property on Kollárova Street.
The Konstanta Karlín project, located in a quiet courtyard with easy access to the city centre, reflects the district’s industrial character through a Corten steel façade. The development’s highlight will be a 351 m² penthouse on the top floor, accessible by a private elevator and featuring panoramic views of Prague. Construction began in August 2025, with completion planned for Q2 2027.
CASPYAN is also preparing to launch the Dvory Vysočany project in Prague 9 by the end of the year, part of a joint venture with Corwin. The brownfield revitalisation aims to transform the area into a new residential zone as part of the fund’s broader urban renewal strategy.
According to Kamil Jankovský, another member of the fund’s supervisory board, Konstanta Karlín exemplifies CASPYAN’s investment philosophy. “Karlín represents a balance of history, design, and urban energy. The project delivers both long-term value for investors and quality housing for residents,” he said.
Over the next three to five years, CASPYAN expects its portfolio to deliver up to 450 new residential units to the Prague market. The fund projects a target annual return of around 10%, supported by active construction timelines that reduce delivery risk.
With assets nearing CZK 1 billion, CASPYAN plans gradual expansion while prioritising completion of its existing developments. “Our goal is steady, well-managed growth,” Kašpar said. “We are open to new opportunities but remain committed to maintaining the boutique nature of our fund and ensuring each project reaches its full potential.”
