Radovan Vitek Success Story
Radovan Vitek is a Czech based businessman, with assets worth around 55 billion, he is a perfect example of a self-made man .He primarily made his business empire with his Czech Property Investments, and its subsidiary, the CPI Group. With a net worth of around US $ 1.74 billion, he is counted among the top 10 billionaires in Slovak and Czech.
Vitek kicked off his business ventures from a very early age, but actually established himself with the founding of Istrokapital. With this enterprise, he became a participant in the Slovak coupon privatization in East Ironworks, Restitucneho investment fund and Slovnaft. He gradually started building his real estate empire and gained profits from renting thousands of properties and apartments owned by CPI.
Starting from the voucher privatization in Slovakia in the 1990s, he moved to Czech Republic, took over a bee cooperative, and turned its headquarters into a luxurious hotel. In 2010, he purchased receivables from the Sazka worth 1.5 billion, with which he became one of the largest creditors for the company.
In the Czech real estate industry scene, Vitek has more than 21,000 colleagues in around 1800 companies across 81 countries. As of today, he is the chairman of Czech Property Investments, on the board of directors for CPI Property Group and Ablon Group Ltd. Previously, he was also employed as the non-executive director for Orco Property Group SA.
CPI Group is one of the most prominent real estate groups in Czech, engaged in development management and investment of properties in the area. The group has been operational in the Slovakian and Czech real estate market since 1992, and is involved in the development of residential and commercial buildings, hotels, logistics centers and retail chains in the country.
Radovan founded the CPI Group in 1991, and gradually expanded its business into both real estate and stock market. By the end of 1990s, he became the owner of numerous lands and buildings of Prague alone. He also acquired the very first housing estate in the Prague Letnany, and was the first to launch a wave for constructing hypermarkets. Then, Radovan invested in other real estate and housing estate complex in Usti and Labem, and a number of apartment buildings of Trinec.
The next few years brought the biggest boom for his group, during which he strengthened his real estate investments and became one of the largest developers and investors in the Czech real estate market. By 2011, he attained a significant position in the industry, as his acquisition increased to as much as CZK 55 billion in total.
Radovan Vitek is still on his way to expanding his real estate empire, and is serving as a majority shareholder for the CPI Property Group.