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CZECH REPUBLIC ČS sells Platinium in Brno

Investment & finance
Czech investment group RSBC has bought the Platinium office and mixed-use building in Brno for an undisclosed sum from ČS nemovitostní fond, which is managed by REICO (part of Erste group).

Platinium, which was the longest-held property in the fund's portfolio. Comprises 9,340 sqm, 90 pct of which is offices with the remainder being retail and storage as well as 170 parking spaces. It is situated in Brno’s central Veveří district and is 93 pct leased.

The Platinium building in Brno was the first acquisition of the ČS nemovitostní fond in 2007 and significantly contributed to the creation of the fund’s performance at an early stage. The sale of this property is the conclusion of a natural investment cycle and will help us to optimise our sectoral and geographical diversification in the future.
Tomáš Jandík, the chairman of the board of Reico IS ČS

The seller was represented by Knight Frank and Wilson & Partners in the sale of the building.

Following the sale of the Platinium office building, the fund now has a total of 18 properties in its portfolio with a current market value of more than CZK 31 bln (EUR 1.2 bln). The fund has announced that it will continue to replace selected properties that have already reached their set investment horizon or no longer meet the requirements of its current investment strategy.

In May it was announced that RSBC, which is run by financier Robert Schönfeld, had acquired another office building in Brno – the 5,000 sqm Millenium Center Hybešova 42, from Generali Investment CEE.

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