Czechs and balances

Tomáš Jandík, CFA, MRICS, chief investment officer of Prague-based fund manager REICO: REICO is the largest and oldest Czech open-ended property fund manager. The company was founded in 2006 in Prague as a 100 pct subsidiary of Česká spořitelna, the largest Czech retail bank and a member of Erste Group Bank AG. REICO manages the ČS nemovitostní fond (CŠNF) with a current NAV in excess of EUR 0.5 bln invested by more than 50,000 unit holders. To date, there are eleven properties in the fund located in the Czech Republic and Slovakia. The most recent acquisitions of REICO were the Park One and City Tower office buildings in Bratislava and Prague respectively. Recently, you announced your plans to invest in Poland and Hungary. Why have you decided to look outside the Czech Republic for investment at this time? The CŠNF fund has enjoyed high inflows over the past two years: it doubled its NAV in 2015 and grew by around 60 pct in 2016 in