REICO, Česká spořitelna’s real estate fund manager, has completed its second acquisition in Poland. It bought Galeria Sloneczna shopping center in the city of Radom for the ČS nemovitostní fond from an American insurance group that developed the asset in a JV partnership AIG/Lincoln (now White Star Real Estate). The value of the fund’s new acquisition is €164m (CZK 4.3 bn). Galeria Sloneczna is a centrally located shopping center with a catchment area of nearly 700,000 inhabitants. Its 164 units across 40,900 sqm of leasable space are 93 percent occupied. With this acquisition, ČS nemovitostní fond expands its portfolio to 13 buildings. Its assets under management now exceed CZK 19bn (ca. €730m). As of the end of August 2017, over 59,000 shareholders had invested in the fund, which has yielded 2.59 percent over the last 5 years (as at 21 September 2017).
