ČS nemovitostní fond, the real estate investment fund of Česká spořitelna, offloaded a historical building in Ostrava marking the first time it’s sold an asset from its portfolio. The Art Nouveau building, dating to the 19th century, was purchased by the Ostrava-Opava Diocese for an undisclosed price. Martin Skalický, chairman of the board of fund manager Reico ČS, says that the sale will not affect the profitability of the fund, as the property is quite small and offers only 1,355 sqm of retail, office and flats. It is 97-percent leased to tenants like Fischer travel agency, which has its call center in the building. Skalický says that Reico decided to offload the property as its parameters were no longer in line with the fund’s current strategy. The fund now has eight assets in its portfolio, which has a market value of more than CZK 5bn. The portfolio includes five properties in Prague and one each in Brno, České Budějovice and Bratislava.
