Redside has sold its Nova Real Estate Fund portfolio, consisting of 16 retail and office properties in the Czech Republic, to Ceskomoravska Nemovitostni and its Nemo Fund.
Redside manages client assets worth EUR 500 million. Ceskomoravska Nemovitostni is a real-estate group specializing in long-term investments, and Nemo Fund is CMN’s specialized fund that invests in premium office spaces.
The acquisition, which is valued at approximately CZK 5 billion (or almost EUR 200 million) includes notable Prague office properties such as Smíchov Gate, Andel 17, the Idea Office Building, Victoria Vysehrad, and Panorama Business Center near Prague’s National Museum. Tenants include companies such as Google, Hochtief, Cemex, and Mercedes-Benz. The portfolio also features retail parks anchored by tenants such as Ahold, Penny Market, OBI, and Tesco.
“We are thrilled to announce the largest acquisition in our history and one of the most significant transactions on the Czech market this year,” said CMN Chairman of the Board Radek Stacha, speaking at the end of 2024. “This deal reflects our commitment to strategic growth. While the market has been challenging in recent years, this acquisition was worth the wait, enabling us to diversify our portfolio with high-quality assets that align with our long-term investment goals.”
The acquisition was financed by Germany’s Helaba Landesbank Hessen-Thuringen.
The transaction remains subject to final approval by Czech Competition Authority.