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REICO sells Rohan Business Centre to Fio's new real estate fund

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After the recent sale of the Office Box building and the purchase of the Bořislavka Centrum multi-purpose property last year, Reico has now proceeded to sell the Rohan Business Centre office building in Prague. The value of the divestment is approximately CZK 740 million (31.2 million). "The sale of the Rohan Business Center demonstrates the liquidity of our real estate portfolio at current valuations, helps to optimise the fund's sector allocation and will provide the necessary liquidity for other interesting acquisitions in the future," says Tomáš Jandík, Chairman of the Board of Reico IS ČS.

The Rohan Business Centre was acquired by Fio Real Estate Subfund I, a retail real estate fund primarily focused on commercial real estate investments in the Czech Republic and in Slovakia. The reason for the sale was mainly to reduce Reico ČS Real Estate's exposure to the office sector by closer to half of its portfolio value, which is in line with its strategic real estate asset allocation. The income from the sale will have a slightly positive impact on the Fund's current year return. Knight Frank, Wilsons, ASB and Savills represented Reico in the sale of the building.

The total lettable area of the Rohan Business Centre office building is 9,434 sqm. In terms of size, it was one of the smallest properties owned by the fund. Its sale was therefore reflected in the average value of the fund's portfolio, which increased to CZK 1.88 billion (80 million). The building houses mainly offices, complemented by warehouse and retail space. The property is located on Rohanské nábřeží in Prague's Karlín district and thus has very good transport links.