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Acquisition of the Conwert Immobilien Gruppe real estate fund portfolio

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Acquisition of the Conwert Immobilien Gruppe real estate fund portfolio

Robert Schönfeld’s RSBC has announced conclusion of a significant real estate transaction. The JV partner to the acquisition and the provider of acquisition financing is Odyssey 44, Martin Kúšik’s family fund.

The acquisition of one of the largest real estate portfolios, the Austrian real estate fund Conwert Immobilien Gruppe, was realized in the form of a joint venture in the Czech Republic on 21 December, 2015.

The real estate portfolio includes several dozens of commercial and residential properties in Prague, Brno, Pilsen and Ostrava. The market value of the portfolio is several dozens of millions of Euros. The Parties have agreed not to disclose further details of the transaction.

The Austrian real estate fund Conwert has long focused on strengthening its activities in Germany and Austria, and for these reasons it has decided to withdraw from the Czech market. The properties owned by the fund to date are very well serviced. The acquisition of the real estate portfolio from Conwert provides RSBC with a unique opportunity to expand its activities in the field of real estate ownership and active management.

An active role in the joint venture will be taken over by RSBC, whose activities will continue to consist of the overall management of this large portfolio and the subsequent sale of selected real estates through real estate agencies of the CENTURY 21 network, which the RSBC Group also has in its portfolio.

Odyssey 44 has decided to take the opportunity to revalue its free funds in the short run and to participate in the financing of the transaction without changing its long-term investment philosophy by this step