REICO, on behalf of the ČS nemovitostní fond, acquires the Forum Nová Karolina in Ostrava for CZK 5.4 billion (EUR 209 million) in the largest retail deal in the Czech Republic this year. Seller is the Meyer Bergman and HOOPP joint venture, who purchased the shopping center yet before its completion in 2012 from Multi Development. The buyer was represented by CBRE, Wilsons and TPA.

„The acquisition of Forum Nová Karolina represents another important milestone for our fund as our properties under management now exceed CZK 30 billion (EUR 1.15 million). The achieved optimum invested ratio will positively contribute to strong return generation potential in coming years” says Filip Kubricht, CEO of REICO IS ČS.

After more than three years, this acquisition represents a comeback of the ČS nemovitostní fond to Ostrava where it disposed of a smaller high street property in 2015.

Forum Nová Karolina is a dominant regional shopping center located in the city centre of Ostrava which comprises more than 200 retail units and over 58,431 sq m of retail space.  Excellent tenant mix includes brands such as C&A, Albert hypermarket, Marks & Spencer, Peek & Cloppenburg, Cinema City, H&M, Intersport and others. Footfall at the center is expected to reach 9.5 million visitors in 2018.

Forum Nová Karolina is a timeless property with regional reach. As part of our long term investment strategy we plan to further improve its food & beverage, entertainment andservice offer hence supporting the city center of Ostrava in general”, adds Tomáš Jandík, the CIO of REICO IS ČS.

Acquisition of the Forum Nová Karolina is a fifth transaction of the ČS nemovitostní fond this year. After the disposal of a smaller office property in Prague 4 earlier this year, REICO acquired the Continental facility of Industrial Park in Dubnica Nad Vahom, the Metronom Business Center, the Prague headquarter of SAP, and later in autumn the second phase of the Proximo II offices in Warsaw with Accenture and EY as anchor tenants. Transaction volume of REICO in 2018 hence exceeds EUR 400 million.

The ČS nemovitostní fond was founded in 2007 primarily for conservative investors and it is now the largest mutual fund in the Czech Republic. The fund net asset value currently exceeds CZK 21 billion and the number of unit holders is over 70,000. Fund performance year to date amounts 2.6% (as of 29/11/2018) and its long term annual return oscillates between 2.5 – 3.5 % p.a. The fund currently owns 16 office, retail and logistics assets in Czech Republic, Slovakia and Poland.