REICO, on behalf of ČS nemovitostní fond, has sold the Táborská 31 office building in Prague 4, one of the longest holdings in its portfolio. The 8,144 sqm building was purchased by 100 Towers Holding.
The transaction price was above the building’s portfolio value, the sale thus has a slightly positive impact on the fund's return. The property was sold because its parameters were no longer in line with the fund’s current investment strategy. The seller was represented Knight Frank, Wilsons and TPA.
"Property Táborská 31 was taken up in the fund shortly after its foundation ten years ago. We are now using a strong investment market and high demand for buildings of this type. The sale of the building will also allow us to focus on our strategy, which is long-term investment in newly built premium properties in strong locations, "adds Tomáš Jandík
, CIO at REICO IS ČS.
After the sale of the Táborská 31 building, the ČS nemovitostní fond has 12 properties in its portfolio. The portfolio's market value continues to exceed €750 million (CZK 19 billion). The sale of the building contributed to the increase in the overall turnover of the fund's portfolio, in which six properties were purchased in the last three years and three properties were sold.