CEE REGION České spořitelna’s real estate fund, ČS nemovitostní fond, which is managed by REICO, has announced its purpose to expand its acquisition programme to the Poland and Hungary real estate market.
The fund has existed for ten years and has so far invested CZK 13.7 bln (app. EUR 506.9 mln) in Czech real estate.
Its new strategy has been reminded by a lack of suitable products, such as high-quality office and shopping centre properties within the Czech market. This has enabled the company to utilise this gap and plan investment for the future. This trend will only spark more investment intentions in the future, too.
This year the fund acquired Amazon’s Slovak HQ, the 13,200 sqm Park One office building in Bratislava, for app. CZK 960 mln (EUR 35.6 mln) from private investment firm Falcon II Fund – bringing its total portfolio up to eleven buildings in the Czech and Slovak republics, with an estimated value of CZK 12 bln.
The CEO of REICO, Filip Kubricht, has said: “We intend to focus on high-end property, such as City Tower and Trianon in Prague, and also on some retail properties in the future.
“Although for us the Czech Republic remains our focus, we are beginning to look around the wider region.
“The vast majority of our portfolio consists of office buildings. They remain the priority for us, but we want to broaden our scope as well. I can imagine investing in high-end, real estate on the most expensive shopping streets, for example, in Warsaw or Budapest.”
A lot of authorities and powerful business owners are planning to invest this year in the Poland and Hungary real estate market. This is good news for the economic growth of the countries and for those who intend to widen their investment realm and rise in success in the property world.
Whatever sort of property investment you may be looking for, the Poland and Hungary real estate market, in general, are ones to count on.
Written by Gemma Smith