Nova Real Estate fund, managed by the fund management company Redside, has completed the acquisition of the home improvement supplies store OBI in Frýdek Místek, from the seller, development company PTO. OBI is a German multinational retailing company founded in 1970. With more than 650 retail stores, OBI is the largest DIY retailer in Europe, and the third-largest in the world. This is the second property with OBI as a tenant in the Fund’s portfolio in the Czech Republic.
OBI Frydek Mistek offers 7,600 sqm of DIY retail premises and outdoor garden centre, as well as 230 parking places.
Tomáš Berka, Redside’s Fund Manager said: "This property, with a long lease and a creditworthy tenant, as OBI is, fits perfectly into our investment strategy for the retail assets, as a part of our real estate portfolio. Besides, the deal balances the fund's asset structure in the intended diversification between prime commercial office properties in Prague and retail stores in the regions."
Redside was represented by the ASB Group and Havel & Partners.
Redside is a fund management company licensed and regulated by the Czech National Bank. Redside runs across the CEE region various alternative investments funds (AIFs) for both institutional and retail investors investing in different areas such as real estate, renewable energy, private equity, bonds, stocks etc with assets worth exceeding €600 million.
With €250 million of real estate assets under management and an audited performance of 8,65% in 2018, the NRE fund is becoming a significant real estate investor and an asset manager in the CEE region. The fund’s strategy is aimed at the premium type of real estate – business centres, office buildings and other investment opportunities related to the real property market, also began to focus on logistics and industrial real estate assets.
