Fio real estate fund continues its expansion and buys GARBE industrial park in Chomutov

Fio Investment Company announces a second acquisition to its Fio Real Estate Fund. The real estate fund buys the GARBE Park Chomutov industrial park from the developer GARBE. The value of the transaction is EUR 33 million, i.e. approximately CZK 840 million.

"The purchase of this recently completed manufacturing and warehouse complex in Chomutov with a first-class tenant adds another premium property to our real estate fund's portfolio, confirming our ambition to build a unique and sector-attractive real estate portfolio with the aim of achieving stable returns over the long term. We are thus already able to offer our current and future investors an investment product suitable for moving funds from deposit accounts or other low-interest alternatives in the current environment of falling interest rates," says Václav Kubáček, Investment Director of Fio Real Estate Fund.

Fio Real Estate Sub-Fund I was launched in December 2022 as part of the expansion of Fio Investment Company's fund offering, alongside the Fio Global Equity Fund and Fio Domestic Market Fund. In May 2023, it announced its first acquisition, the Rohan Business Centre office building in Prague's Karlín district, and has now added GARBE Park Chomutov, with a total area of approximately 29,600 sqm, to its real estate portfolio. The industrial park has a high material standard and a building energy performance certificate (PENB) at level A. The park is located in an established industrial zone near Chomutov's main train station. It is also easily accessible from the D7 motorway and thus has excellent connections to the German border and via the Podkrušnohorská magistrála (I/13 road) to the D8 and D6 motorways. There is a trolleybus line in close proximity to the site, which connects it with the city of Chomutov.

"I am delighted that our real estate fund has become a part of our Fio Funds offer and continues to grow. I believe that thanks to the second property, which is different in type from the first one, an office building, it will become even more attractive for clients. We carefully select the objects included in the real estate fund and thanks to this, our fund can be interesting for clients with its diversified composition," adds Jan Bláha, Fio banka's Commercial Director.

"Brownfield in Chomutov was our first strategic location in Central Europe in 2021, in the revitalisation of which we decided to invest speculatively. The attractiveness of the location was soon confirmed and the premises were fully occupied by a renowned German company from the Fielmann Group AG, which is mainly engaged in the production of dioptric glasses and is also listed on the German stock exchange XETRA. This is the second successful sale for GARBE in Central and Eastern Europe in the last two months. After a three-year development cycle, we are now at the stage where we are offering our first projects for sale to investors, not only in the Czech Republic, but also in Slovakia and Poland," says GARBE Industrial Real Estate Director for Eastern and Central Europe Martin Polák.

Source: Fio Banka press release.