The Reico ČS Nemovitostní fund (RČSN) has sold its smallest property, the shopping centre in České Budějovice. The building has been purchased by Conseq realitní, an open shareholding fund managed by Conseq Funds investiční společnost (investment company).
The value of the divestment is approximately CZK 342 million (€13.7 million). The sale price will have a slightly positive impact on the fund's income this year. During the sale of the building, Cushman & Wakefield, CMS, TPA and Savills represented the managers of the Reico IS ČS fund.
The Čtyři Dvory shopping centre in České Budějovice, which has a leasable area of 10,555 sqm, represents a strategically located and well-established property with long-term stable tenants, though there is still significant development potential in the form of unoccupied units, especially in the food court.
"We decided to sell the Čtyři dvory shopping centre because of the size of this investment. It is our smallest property, which our fund bought first in 2006 and now its size no longer fits into our fund, we want to focus on much larger properties. The annual rent is less than 1% of the fund's income," says Dušan Sýkora, Chairman of BoD of ReicoO IS ČS.
With this acquisition, Conseq Realitní fond expands its portfolio focused on commercial real estate with high growth potential and stable returns. The Conseq real estate fund was founded in 2008 and is thus one of the oldest real estate funds on the market.
