REICO buys Qubix

The ČS nemovitostní fund, managed by the Reico investment company, has acquired Qubix, a 14,000 sqm office building in Prague 4 near the Vyšehrad metro station. Reico bought Qubix for CZK 950m from the developer S+B CEE Projektentwicklung, member of Austrian S+B Gruppe AG. The acquisition of a LEED Platinum-certified building located in a prime office location is in line with the fund’s investment strategy. Reico, member of Česká spořitelna Financial Group, targets prime office projects that produce stable, long-term cash flow, says Martin Skalický, chairman of the Reico ČS board.
The Qubix deal closed this month, bringing the number of properties in the fund’s portfolio to nine and their total market value to CZK 5.056bn. Four of the assets – Qubix, Trianon and Melantrich in Prague and Platinium in Brno – are prime office buildings. The rest of the portfolio includes a B class office building in Prague 4, Táborská and Ostrava as well as a secondary retail project in České Budějovice and a logistics park in Prague. Its only cross-border investment is the Trnávka office building in Bratislava.
Skalický says office projects make up 60 percent of the fund’s assets. “Prime properties have produced much higher yields lately than risk-free state bonds with yields affected by the low-interest environment, unlike real estate. That is why investors increasingly tend to invest their spare money into commercial properties,” he says.