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Guiding light

Lighthouse Group overseeing ambitious projects within Prague

By Kathleen Kralowec
For The Prague Post
June 20th, 2007 issue

Jan Přerovský/THE PRAGUE POST
Lighthouse CEO Tamir Winterstein officially started his Prague-based development firm in 2001.
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Lighthouse Group

Jankovcova 2C
Prague 7
Tel.: 234 379 241
Web: www.
lighthousegroup.cz

Since its inception nearly seven years ago, Lighthouse Group has been pressing ahead on some of the most ambitious developments in the city, including several large waterfront projects in Prague 7 and a redesign of a 100,000-square-meter (1.1 million-square-foot) area surrounding Sazka Arena.
Such massive undertakings, however, are nothing out of the ordinary for Lighthouse, which has been active in Prague since 2000, though the business was not formally established until the following year. The company currently owns 600,000 square meters of land, and has roughly the same number of buildings in its portfolio, according to CEO Tamir Winterstein.
 “Part of the strategy of Lighthouse Prague and its shareholders is to concentrate on large-scale projects. We devote all our energy only to large-scale projects, both residential and commercial, and of these, we plan to do only one or two per year maximum,” Winterstein says, adding that he hopes to expand the company’s reach to Czech cities outside of Prague. Lighthouse is currently negotiating projects in Brno, south Moravia, Winterstein says, and has already overseen jobs in Warsaw, Belgrade and Budapest.
Born in Prague and raised in Israel, Winterstein says his motivation for coming back to the Czech Republic was driven partly by his roots, but he was also pulled in by the country’s fast-expanding real estate market.
“I returned because I thought, in 2001, that there are a lot of business opportunities here, and that the way of life and doing business suits me,” he says. “Being born here, I have the advantage of understanding the language but also the mentality of this place. But I also have the experience and background of the Western world.”
So far, the market has not disappointed him. It “is not very aggressive, but it is stable,” Winterstein says.
Part of the reason for selecting Prague as the company’s headquarters was for its centralized location, Winterstein explains. Lighthouse’s four shareholders — GTC in Israel; Deutsche Bank Investment London; Scorpio BSG, also based in Israel; and Alliance Holdings & Developments Ltd. — come from different corners of the globe, and Winterstein wanted an easy meeting point. Combined, these four entities own $16 billion in investments, according to Winterstein, who is pleased he was able to pull together such global strength.  
“Each of them is so strong,” he says of his partners. “They work alone in every country all around the world.”
As a result, Winterstein says, Lighthouse can focus its efforts on Prague, dividing its powers among residential and commercial projects around the city.
The Sazka area project is currently one of Lighthouse’s biggest projects, with an overall budget exceeding 300 million euros ($399 million/8.6 billion Kč). The first phase of construction is expected to be completed in October 2009 and will result in 20,000 square meters worth of new office space and a 40,000 square-meter shopping mall. Ensuing phases will include more offices, a hotel, park and an additional arena to complement Sazka, Winterstein says.  
Pavel Polák, project manager for the development, explains that the new venue will offer smaller events, such as concerts and boxing tournaments.
“The small center will stay connected with Sazka, and there will be synergy between the old and new arenas,” Polák says. “The new arena will be a less commercial object, a combined sports and culture venue.”
The completion date has yet to be confirmed, according to Lighthouse officials.
The company first got involved with the project last December, with the purchase of the currently vacant 100,000-square-meter tract of land around the arena. The land was originally purchased by Sazka a.s. in 2002 before the company sold it to Lighthouse.
“When Sazka bought the land, all the functions were included in the planning permit, including a large and small arena, shopping, leisure, hotel and offices,” Winterstein says.
“The final result will be one of the biggest and hopefully nicest developments in the area,” Winterstein adds. “It will include an amphitheater and public gardens, and next to Sazka there will be a facility offering additional activities, as well as concerts. It will bring a lot of life to the area.”

Kathleen Kralowec can be reached at specialsection@praguepost.com


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