REDSIDE strengthens real estate portfolio in the Czech Republic
NOVA Real Estate fund, managed by the fund management company REDSIDE, has completed the acquisition of the home improvement supplies store OBI – Frýdek Místek, from development company PTO.
OBI is a German multinational retailer founded in 1970. With more than 650 retail stores, OBI is the largest DIY retailer in Europe, and the third largest in the world. This is a second property with OBI as a tenant in the Fund’s portfolio in the Czech Republic.
OBI Frydek Mistek offers 7,600 sq m of DIY retail premises and outdoor garden center, as well as 230 parking places.
Fund manager REDSIDE, Tomáš Berka, says: "This property, with a long lease and a creditworthy tenant, as OBI is, fits perfectly into our investment strategy for the retail assets, as a part of our real estate portfolio. Besides, the deal balances the fund's asset structure in the intended diversification between prime commercial office properties in Prague and retail stores in the regions."
REDSIDE was represented by the ASB Group and Havel & Partners.
Marek Lošan, Partner, Havel & Partners, says: “REDSIDE is one of our long-term clients. We are pleased that in the spirit of our corporate motto “Connected through success” we can participate on the successful investment projects and be part of the further development of the company portfolio.”