Commercial real estate represents a typical diversification tool for any investment portfolio. Commercial properties in lucrative locations offer attractive value preservation and stable return for a conservative investor. Sub-fund 1 invests only in prime commercial properties. Its focus on the quality of tenants, attractive locations with enhancement potential and real estate meeting the highest requirements for quality and technical standards are the main aspects of the fund investment policy and its value proposition to investors.
The Sub-fund primarily invests in the Czech Republic’s real estate market, potentially Central Europe.
Net average return over 6 % per year.
Audited net appreciation
Carefully chosen assets—the investment company selects only prime assets. Every transaction goes through multiple due diligence levels with a focus on eliminating potential risks. The main aspects for selection are yield, location and the possibility of generating additional value with active property management.
Inflation protection—as the market standard, lease agreements are indexed against inflation. If inflation rises, rental income rises as well.
Diversification—the investment company selects primarily assets across the whole Czech Republic with a mixture of shopping centres, retail markets and office buildings to minimize the economic cycle’s effect.
Value drivers—assets are selected with a focus on three main drivers that influence their value—rental income, yield expectation and the possibility of further development of the project.
Investing in the Sub-fund is designed for both private investors and institutional ones who are willing to accept a long-term investment horizon. That is why an investor should consider his/her liquidity needs even if investments in the Sub-fund may be liquidated.
The minimum amount, under Section 272 ZISIF1, that an investor can invest is EUR 125,000, or CZK 1,000,000 (equivalent of EUR 40,000) after performing a suitability test under Section 15 ZKPT2.
How to Invest
Investments in the Sub-fund are exclusively intended for persons matching the definition of a qualified investor in compliance with Act No. 240/2013 Coll., on Investment Companies and Investment Funds, so it is necessary to invest at least EUR 125,000 or CZK 1,000,000 (equivalent of EUR 40,000) after performing a suitability test and signing a Declaration of Risk Awareness concerning this type of investment and including investment experience.
Subsequently, investors wishing to make investments fill out the following documents with the fund manager:
+ Agreement on Subscription/Redemption of Investment Shares
+ Request for Issuance of Investment Shares
+ Declaration of Risk Awareness
+ Anti-Money Laundering (AML) Form
+ FATCA documents
Institutional Investors, asset managers and similar financial institutions
You will need to fill out a few subscription documents:
We will need hard copies of these documents from you by mail. To accelerate the process, please send us scanned copies by e-mail while the hard copies are delivered to us.
An investor can subscribe investment shares for the actual NAV (Net Asset Value). Every investor must fulfil the conditions under Section 272 ZISIF1—qualified investor—minimum invested capital, risk awareness statement, etc.
Every investor has a right to investment shares in the Sub-fund at the current value. This type of open-ended fund structure provides an investor with great variability in terms of liquidity needs. With the investment company’s permission, an investor can sell the investment shares to a third-party as well.
*Basic data about NOVA Real Estate - Sub-fund 1*
|Fund type||Investment fund with variable registered capital|
|Sub-fund||NOVA Real Estate – Sub-fund 1|
|Investment objective||Real estate investments|
|Investment strategy||The Sub-fund is aimed at the premium type of real estate – business centres, office buildings and other investment opportunities related to the real property market.|
|Equity capital||112 757 thous. EUR (as of 31th July 2020)
|Issued security||Registered investment shares|
|Fund Duration||From 20 August 2015 for an indefinite period of time|
|Minimum investment||Minimum initial investment for every single investor of the Sub-fund amounts to EUR 125,000 or CZK 1,000,000 (equivalent 40,000 EUR) after performing a suitability test under Section 15 ZPKT2|
|Fund Manager||REDSIDE Fund Management|
|Management fee||1,6 % of sub-fund’s NAV, min. 300,000 CZK/month|
|Performance fee||30 % of annual yield of sub-fund over 6% evaluation of the fund|
|Depository||UniCredit Bank Czech Republic and Slovakia|
|Auditor||PricewaterhouseCoopers Audit, s.r.o.|
|Supervisory Authority||Czech National Bank|
|Law and accounting system||The Czech Republic|
|Fund taxation||5 % from profit|
With regard to the possible unforeseen fluctuations on real estate markets there could be fluctuations in the value of assets in the Subfund, increases and decreases of such value. In addition, an outage of planned income from renting real estate could lead to a reduction in the value of investment shares, due to lower net income. If it is a longer-term outage of rental income, this fact is reflected in a reduction in the value of the relevant real estate. With regard to the character of the real estate that comprise the fundamental part of the fund’s assets, it is necessary to draw attention to the fact that the liquidation of the real estate with an attempt to achieve the best price is demanding in time terms. In the event it is necessary to sell the real estate assets in a short period of time, there is a risk the expected price will not be achieved. The credit risk could consist, in particular, of entities that have payment obligations to the Subfund (e.g. the tenants of properties, debtors under investment instruments, etc.) not paying their liabilities. An outage of planned rental income could occur at random, where it affects more important property tenants, or it could be related to the overall situation on the market, for example in the case of an economic recession, and in this case it influences the behaviour of a larger quantity of tenants or potential tenants. Some of the real estate in the fund’s portfolio and also some of the rentals resulting from the real estate in the fund’s portfolio are booked in CZK. The fund’s total performance can therefore be influenced also by trends in the EUR/CZK exchange rate. The return on the investment is not hedged.
To determine the total risk indicator, we used available data of comparable investment funds on the Czech market.
The first refinanced acquisition for the real estate portfolio, consisting of three shopping centers located in the Czech Republic, occurred after April 2016. The Sub-fund has started generating returns for its investors.
In August 2016, the Sub-fund acquired four class A office buildings located in main office areas in Prague. The second acquisition helped portfolio diversification and mitigates economic cycles. There will be more acquisitions in the future.
Current value of the Sub-fund’s investment shares as of 4/2022: EUR 6.8044 (after dividend)
Current value of the Sub-fund’s investment shares as of 4/2022: CZK 1.3488 (after dividend)
Audited net yield for 2021: 9.66% p. a.
Audited net yield for 2020: 6.61% p. a.
Audited net yield for 2019: 7.39% p. a.
Audited net yield for 2018: 8.65% p. a.
Audited net yield for 2017: 5.29% p. a.
Audited net yield since 1st acquisition for 2016: 3.6% p. a.
Performance as of April 2022
|1 month:||0.43 %|
|6 months:||5.66 %|
|1 year:||10.06 %|
|Date||Investment Share value (EUR)||NAV (EUR)|
|30.4.2022||6.8044||120 787 740|
|31.3.2022||6.7755||120 806 740|
|28.2.2022||6.7210||120 272 951|
|31.1.2022||6.6956||120 881 759|
|31.12.2021||6.6502||119 701 453|
|30.11.2021||6.5042||117 050 778|
|31.10.2021||6.4398||121 542 272|
|30.9.2021||6.3978||121 113 206|
|31.8.2021||6.3498||120 541 856|
|31.7.2021||6.3080||119 544 180|
|30.6.2021||6.2668||118 652 706|
|31.5.2021||6.2237||117 717 116|
|30.4.2021||6.1825||117 161 336|
|31.3.2021||6.1434||115 926 245|
|28.2.2021||6.1115||115 366 537|
|31.1.2021||6.0915||115 521 544|
|31.12.2020||6.0644||115 054 443|
|30.11.2020||5.9579||113 742 091|
|31.10.2020||5.8976||111 119 989|
|30.9.2020||5.8769||110 360 633|
|31.8.2020||5.8979||111 630 278|
|31.7.2020||5.8760||112 757 448|
|30.6.2020||5.8503||136 283 253|
|31.5.2020||5.8227||135 379 828|
|30.4.2020||5.7913||134 253 254|
|31.3.2020||5.7677||132 048 176|
|29.2.2020||5.7433||131 426 850|
|31.1.2020||5.7158||129 688 545|
||126 374 925|
|30.11.2019||5.6458||124 280 867|
|31.10.2019||5.6193||121 026 227|
|30.9.2019||5.5843||119 384 438|
|31.8.2019||5.5546||117 785 561|
|31.7.2019||5.5314||115 975 866|
|30.6.2019||5.5108||114 826 482|
|31.5.2019||5.5204||112 722 741|
|30.4.2019||5,4946||107 769 166|
|31.3.2019||5.4578||106 789 132|
|28.2.2019||5.4458||106 490 312|
|31.1.2019||5,4181||105 389 524|
|31.12.2018||5,4084||96 166 323|
|30.11.2018||5,3572||94 639 498|
|31.10.2018||5,3154||93 842 052|
|30.9.2018||5,2938||93 552 326|
|31.8.2018||5,2720||93 018 468|
|31.7.2018||5,2535||92 602 686|
|30.6.2018||5,2045||79 909 095|
|31.5.2018||5,1798||79 444 830|
|30.4.2018||5,1577||78 878 961|
|31.3.2018||5,1201||78 267 395|
|28.2.2018||5,0815||77 510 357|
|31.1.2018||5,0441||76 354 454|
|31.12.2017||4,9778||75 351 743|
|30.11.2017||4,9252||47 833 252|
|31.10.2017||4,9203||47 786 031|
|30.9.2017||4,9001||47 589 478|
|31.8..2017||4,8866||47 459 056|
|31.7.2017||4,8782||47 377 275|
|30.6.2017||4,8647||47 245 661|
|31.5.2017||4,8478||47 081 775|
|30.4.2017||4,8247*||46 656 086*|
|31.3.2017||4,7581||46 011 407|
|28.2.2017||4,7477||45 910 902|
|31.1.2017||4,7385||45 821 857|
|31.12.2016||4,7276||45 713 571|
|30.11.2016||4,7154||45 598 610|
|31.10.2016||4,7060||45 507 329|
|30.9.2016||4,6933||45 384 675|
|31.8.2016||4,6810||45 265 807|
|31.7.2016||4,6731||19 089 572|
|30.6.2016||4,6584||19 029 578|
|31.5.2016||4,6452||18 975 579|
|30.4.2016||4,6149||2 307 467|
(*) End-of-year revaluation taken into account.
|Date||Investment Share value (CZK)||NAV (CZK)|
|30.4.2022||1.3488||2 971 982 339|
|31.3.2022||1.3431||2 945 872 347|
|28.2.2022||1.3323||3 006 222 417|
|31.1.2022||1.3273||2 945 284 056|
|31.12.2021||1.3183||2 975 778 114|
|30.11.2021||1.2894||2 987 721 105|
|31.10.2021||1.2766||3 123 028 685|
|30.9.2021||1.2683||3 087 781 178|
|31.8.2021||1.2588||3 076 830 870|
|31.7.2021||1.2505||3 048 376 588|
|30.6.2021||1.2423||3 023 864 223|
|31.5.2021||1,2338||2 995 900 603|
|30.4.2021||1,2256||3 032 721 177|
|31.3.2021||1.2178||3 030 891 678|
|28.2.2021||1.2115||3 022 026 425|
|31.1.2021||1.2075||3 005 870 567|
|31.12.2020||1.2021||3 019 603 869|
|30.11.2020||1.1810||2 978 905 373|
|31.10.2020||1.1690||3 028 019 687|
|30.9.2020||1.1649||3 002 912 827|
|31.8.2020||1.1691||2 925 829 584|
|31.7.2020||1.1648||2 951 426 194|
|30.6.200||1.1597||3 364 214 180|
|31.5.2020||1.1542||3 643 748 066|
|30.4.2020||1.1480||3 637 591 927|
|31.3.2020||1.1433||3 608 216 419|
|29.2.2020||1.1385||3 336 927 714|
|31.1.2020||1.1331||3 269 448 229|
|31.12.2019||1.1277||3 211 186 838|
|30.11.2019||1.1193||3 171 026 316|
|31.10.2019||1.1140||3 087 379 062|
|30.9.2019||1.1071||3 081 909 262|
|31.8.2019||1.1012||3 052 412 804|
|31.7.2019||1.0966||2 975 940 724|
|30.6.2019||1.0925||2 921 759 828|
|31.5.2019||1.0944||2 910 163 013|
|30.4.2019||1,0893||2 765 356 795|
|31.3.2019||1.0820||2 755 159 604|
|28.2.2019||1.0796||2 726 151 984|
|31.1.2019||1,0741||2 714 834 151|
|31.12.2018||1,0722||2 473 878 656|
|30.11.2018||1,0621||2 456 368 167|
|31.10.2018||1,0538||2 432 385 998|
|30.9.2018||1,0495||2 405 698 054|
|31.8.2018||1,0452||2 393 830 262|
|31.7.2018||1,0415||2 370 628 756|
|30.6.2018||1,0318||2 079 234 655|
|31.5.2018||1,0269||2 048 882 154|
|30.4.2018||1,0225||2 014 568 667|
|31.3.2018||1,0150||1 990 339 844|
|28.2.2018||1,0074||1 970 313 264|
|31.1.2018||1,0000||1 929 477 052|
(*) End-of-year revaluation taken into account.
View key fund projects in two minutes. All invested projects are listed below.
Trenčín Industrial Park is a regionally dominant industrial property situated in the built-up area of the regional capital of Trenčín. Its flexible arrangement and excellent transport links mean that the building meets the demanding criteria of tenants in both industry and logistics. The park provides a total of 120,000 square metres for rent.
This modern property is located in one of Prague’s most prominent office hubs—Prague 4, with a convenient connection to public transit via metro line C and the local infrastructure.
Since its opening in 2008, this class A office building has had a proven track record of full occupancy and high demand from tenants. Victoria was awarded LEED GOLD certification in 2012. The property’s design provides an efficient layout of the premises and the upper floor with terraces, in particular, provides a magnificent panoramic view of Prague.
Completed in 2002 and modernized and rebranded, Orlice Park Shopping is a well-established neighborhood shopping destination anchored by an Albert Hypermarket and a popular DIY operator, Baumax. In 2014, the center underwent a substantial refurbishment project improving its attractiveness as a family-oriented shopping destination. The asset is 99% let to a well-diversified tenant base featuring a strong customer flow reaching over two million customers per year.Asset Presentation
A portfolio of five Penny supermarkets geographically distributed in the central and eastern parts of the Czech Republic. The assets are located in the mid-size towns of Olomouc, Straznice, Jevicko, Ledec nad Sazavou and Pelhrimov. The supermarket operator is accompanied by a butchery and the textile discounter Kik.Asset Presentation
Anděl 16, a modern class A project, is located in one of the most sought-after office locations in Prague–Anděl. Most of this seven-floor building is let to BNP Paribas and serves as a headquarters for their successful consumer finance branch—Cetelem. The Anděl office hub, with its infrastructure and prestige, attracts international corporations mainly from the IT and pharma industries. The property was designed by the D3A architectural studio.Asset Presentation
Opened in 2009, the Rýnovka asset is fully leased to a global retail operator—Ahold, where the tenant operates a neighborhood shopping mall with their Hypermarket concept. The income is secured by a long-term lease agreement running until the end of 2027. Rýnovka offers generous parking provision with a total capacity of 650 parking spaces.
An office building with 11,150 sqm of office and 1,450 sqm of ground floor retail space. Smichov Gate is located at the heart of the modern and dynamic business district Prague 5—Anděl. The location, with its modern infrastructure and distinguished prestige, attracts many international corporations. The main tenants include Hochtief, Cemex and Cardif.Asset Presentation
OBI, with its 7,300 sqm of DIY shopping area, is located next to the Rynovka shopping gallery, which is also held by the Nova Real Estate fund. With 33 units, OBI is the leading DIY operator in the Czech Republic.
Opened in 2004, the Znojmo asset is fully leased to a global retail operator—Ahold, where the tenant operates their Hypermarket concept with an attached gallery. The income is secured by a long-term lease agreement running until the end of 2025. The building structure is surrounded by a surface level car park with a capacity of 411 spaces. The parking area is conveniently connected to the local infrastructure.Asset Presentation
The Property is located in the northwest of Ceske Budejovice, the largest city in the South Bohemian Region with a population of around 93,500 inhabitants. The micro-location is a well-established retail amenities area with exhibition grounds nearby, situated along the city’s main traffic artery.Asset Presentation
Anděl 17 is an class A office building completed in 2004 to a very high standard, significantly above normal market levels in all areas such as technology, materials and fit-out. Thanks to these features, the property attracted strong international tenants—Pfizer and Google, who lease most of the building. The ground floor accommodates a restaurant with a terrace which contributes to the wide choice of amenities in the surrounding area. The rectangular premises are capable of offering a fully open plan, cellular offices or a combination of both. The Anděl office hub with its infrastructure and prestige attracts international corporations mainly from the IT and pharma industries. The property was designed by the D3A architectural studio.Asset Presentation
The Panorama Business Center is a highly visible office building situated at the beginning of Vinohradská street just behind the National Museum. This interesting location with great transport access attracts international tenants. The property offers 6,800 sqm of modern office and retail space.Asset Presentation
The Fund is governed pursuant to Act No. 240/2013 Coll., on Investment Companies and Investment Funds, and Act No. 256/2004 Coll., on Business Activities on the Capital Market. Compliance with legislation and particular statutes is supervised by the Czech National Bank.
All investments are overseen by the Fund’s Investment Committee. In addition, the Fund is regulated by the Czech National Bank and the investments are under constant supervision of the financing banks.
Supervision: Czech National Bank (CNB) The fund manager provides a monthly report to the CNB on the fund’s asset structure, including accounts.
Manager: REDSIDE Fund Management It was granted a licence by the CNB to perform management and administration of investment funds. The size of the assets managed exceeded EUR 200 million in 2016.
Depository: UniCredit bank Czech Republic and Slovakia, a.s. It monitors, performs and reports money transactions in compliance with the law and the fund’s statute.
Auditor: PricewaterhouseCoopers Audit, s.r.o. It audits the financial statements and fund’s annual report once a year.
Asset Valuation Officer: from the CNB list Revaluation of the fund is carried out by an Asset Valuation Officer from the CNB list independent of the investment company at least once a year.
Yes. You must however make sure and confirm to Redside that the ultimate buyer is aware that Nova Real Estate fund is a fund for qualified investors, i.e. governed by a specific law and with the minimum investment threshold as set out by the law. Investors must in compliance with Czech legislation fill in subscription documentations as follows:
a) Agreement on issuance and redemption of units of qualified investors fund;
b) Request for the issuance of investment certificates;
c) Affidavit of the Investor of the Qualified Investors Fund;
d) AML documentation;
e) Questionnaire regarding investment skills.
The Central Register records all registered securities issued in the Czech Republic, including that of Nova Real Estate Fund. The Central Register is a two-stage register composed of a register kept by the Central Securities Depository and the follow-up records maintained by the so-called CSD Prague participants, i.e. especially securities trading participants.
On the base on above mentioned please take into account that we are able to settle the transaction only if your client has so called asset account with one of the Central Securities Depository Prague participants.
See list of Participants here:
There is no deadline, really. A subscription order may be submitted in person at the Investment Company, send via mail (email@example.com) or via fax (+420 224 931 368). Shares of the Fund are subscribed for the actual value of share announced always for the period, in which the so-called decisive date occurs, that is the day for subscription of financial means remitted by the fund-holder to the account of the Fund.
The actual value of the unit is determined always as of the last day of the calendar month with validity for the following period, i.e. for September 2016 from the first date of September until the last date of the month. The actual value of the unit of the Fund is determined within 10 business days of the following month, in our example October (upon monthly financial review, as prescribed by the regulator). The actual value of the unit of the Fund is announced within next 15 business days thenafter.
As far as redemption goes, it is always handled with regard to the overall investment. Every investment is redeemed in short period, during days. Greater investments than can jeopardize liquidity of the Fund can take up to one year. Once redemption notice is received, the investment is frozen with zero return until redemption.
If a bank/financial institution is the final client, there is a minimum requirement of 125,000 EUR on an investment. If a private individual invests personally, the minimum investment is 40,000 EUR.
The settlement can be without money or versus money. All we need to agree is the volume to notify the Central Securities Depository that ensures a subscription. It should take longer than a few days, max 10 working days according to the Sub-fund Statutes.
There is no lock-up period and exit fees are charged according to the statute of the fund.
Yes, it is set up for IRR greater than 6%. The performance fee is calculated annually as 30% from the amount of financial means generated by the Fund after taxation in the excess of IRR 6%. Maximum total expense ratio of the Fund including any other costs shall not exceed 1.95 % of the average annual value of the equity capital of the Fund. The temporary internal rate of return - IRR is annually calculated by the same expert who prepared the expert valuation required by law and is audited by the fund auditor.
The performance of the Fund and its return are calculated monthly and the respective financial statements are produced to that effect. No less than once a year every asset in the Fund is revalued by a valuation expert.
The investment strategy is based on investments in special purpose vehicles (SPV) holding the real estate assets. Therefore, the Fund buys various types of assets—retail, offices, industrial—to gradually diversify its portfolio.
As a peripheral type of investments, the Fund will make investments using investment instruments in both the domestic financial market and foreign financial markets, i.e. corporate bonds, corporate bills of exchange, etc.
In this case, it is necessary to apply for Redside’s approval because we, as the fund manager, must ensure that the fund’s units are held only by qualified investors (the Czech law must-have condition).
Subscription /redemption and switch notices can be sent every workday till 5 p.m.
EUR 40,000 or EUR equivalent of CZK 1,000,000 if the investor proves awareness of investment skills by completing the investor profile questionnaire. In other cases, the minimum is set at EUR 125,000.
+420 224 931 368
Trading via swift is not allowed.
From the 10th workday in a month.
CZK account: IBAN CZ5727000000002112088894
EUR account: IBAN CZ9427000000002112088907
UniCredit Bank Czech Republic and Slovakia, a.s.
BACX CZ PP