News Article REICO sells office building in Bratislava
by Property Forum | Office

REICO ČS Nemovitostní fund (RČSN) has renewed its portfolio. After purchasing the multifunctional property Bořislavka Centrum in Prague and the logistics park Panattoni Park Tychy DC2 last year, it has now proceeded to sell the Office Box office building in Bratislava, one of its longest-held properties. The building was purchased by MOVYS Invest, a Slovak company which focuses primarily on providing services in the telecommunications sector.

"The sale of the Office Box building is another visible step in the qualitative renewal of our real estate portfolio and an improvement of our liquidity position for further potential purchases," says Tomas Jandik, Chairman of the Board of REICO IS ČS.

Tomáš Jandík

Tomáš Jandík

CEO
REICO

Tomáš is the Chairman of the Board of Directors at REICO, an investment company of Česká spořitelna, a.s., a member of Erste Group Bank AG. REICO was established in 2006 to run the ČS nemovitostní fond, now REICO ČS NEMOVITOSTNÍ, which is the largest and oldest Czech mutual real estate fund. In 2021 the company also launched a new REICO ČS LONG LEASE fund. In his position, Tomáš directs property business over both funds and carries joint responsibility of the investment company. Previously Tomáš worked at CBRE, DTZ (now Cushman&Wakefield) and EY. He is a graduate of the Humboldt-University in Berlin and College of Estate Management in Reading. Tomáš is a CFA charter holder and a member of the RICS. More »

The Office Box building was purchased by MOVYS Invest, a Slovak company from the MOVYS Group, which focuses primarily on providing services in the telecommunications sector. The buyer will use the building partly for its own needs. The reason for the sale was the parameters of the property (size, quality and location), which no longer corresponded to the current investment strategy of the fund. The financial terms of the sale were at a level that will have a slightly positive impact on the Fund's return in the current year. In the sale of the building, REICO was represented by the investment company Česká spořitelna, which manages the fund, Wilsons Slovensko and ASB Slovakia.

The total lettable area of the Office Box office building is 4,281 sqm and it was the smallest property owned by the RČSN Fund. It houses mainly offices, complemented by a warehouse and parking space. The property is located in the developed commercial zone of Bratislava-Ružinov, which lies immediately adjacent to the D61 motorway connecting Bratislava with Žilina and close to the Milan Rastislav Štefánik International Airport.