Arete Group has signed a loan agreement for more than €100 million with the consortium of Czech and Slovak banks – one of the largest banking groups in the Czech Republic and Slovakia - Česká spořitelna and Slovenská sporiteĺňa.
The investment and real estate group Arete, the umbrella fund of Arete Industrial SICAV, has recently signed contractual documentation with a consortium of banks Česká spořitelna and Slovenská sporiteľňa for the bank financing of the fund's portfolio over €100 million. This amount is CZK 2.5 billion.
"For us at Arete, this is a significant milestone and the beginning of the next phase of building and developing our fund's third portfolio. It will allow us to quickly meet the objectives set out in the investment strategy of the Arete Industrial Fund. The resources from the bank financing will be used for the construction of new industrial parks by our development team and planned acquisitions of income properties. Together with a series of acquisitions and developments successfully implemented in 2021 and 2022, our goal is to build a portfolio of assets under management with a total value of more than €300 million by the end of 2023. We would like to thank Česká spořitelna and Slovenská sporiteľna for their professional and correct behaviour that enabled us to conclude this agreement. The trust of one of the largest banking groups in the Czech Republic and Slovakia is a great pleasure and a confirmation of our long-standing quality work," said Lubor Svoboda, co-founder of Arete Group.
"Česká spořitelna has been a long-term supporter of investments in property development and infrastructure expansion in the Czech Republic. We are pleased that in cooperation with our sister company, Slovak sporiteľna from the Erste Group, we could support the activities of the Arete Group in this area," says the representative of Česká spořitelna, Martina Jůzová.
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