Monday, 10 November 2025
With Slovakia’s real estate fund sector surpassing €3 billion in total assets, 2025 has marked a period of growth, consolidation, and cautious optimism. In an interview with CIJ EUROPE, Juraj Bielik, Chief Investment Officer of 365.invest, outlined how the company is positioning its real estate funds to stay competitive while maintaining a disciplined, long-term investment strategy anchored in quality, sustainability, and stability.
“The growth of the real-estate landscape in Slovakia is a positive sign of maturity in our market, but signs of saturation are also emerging,” Bielik said. “For us, competitiveness is not about expanding at any cost, but about being measured, selective, and deeply analytical in how we deploy our clients’ capital.”
According to Bielik, 365.invest’s strength lies in its distribution through 365.bank and its integration with the KBC Group, providing a diversified investor base that allows for a long-term perspective.
The company’s portfolio remains diversified across retail parks, logistics, and residential development partnerships, each contributing to balanced performance despite a challenging macroeconomic environment.
“In retail parks, we focus on well-managed properties anchored by resilient tenants such as grocery stores, pharmacies, and essential service providers,” Bielik explained. “The aim is to create balanced tenant ecosystems that support community life rather than just attract occasional visitors.”
In the logistics sector, 365.invest targets strategic locations connected to major supply routes, with an emphasis on reliable tenants and long-term lease covenants. “We evaluate not only current demand but the depth of the surrounding ecosystem to ensure that properties remain relevant across market cycles,” Bielik said.
For residential investments, the company continues to form partnerships with trusted developers and selectively supports new collaborations where “the economics are sound and the project meets real market needs.” He added that the fund’s approach to housing investments remains broad but consistent in principle: “construction quality, responsible materials, ESG alignment, and economic viability.”
Over the first three quarters of 2025, the 365.invest Real Estate Fund remained close to its performance target, despite slightly lower year-on-year returns. Bielik said the firm completed ten acquisitions—eight for the large retail fund and two for qualified-investor funds—and executed three divestments to optimise liquidity and balance risk.
“Retail parks continued to show resilience supported by long lease terms, low tenant turnover, and occupancy above 95 percent,” he noted. The office segment, meanwhile, experienced continued lease renegotiations and tenant incentives. “Premium buildings in strong locations maintained occupancy, and we focused on extending leases and upgrading systems in line with ESG standards.”
In logistics, performance remained stable, underpinned by long-term contracts with an average lease duration of over five years. Bielik said the company had prioritised energy efficiency upgrades, including photovoltaic panels, LED lighting, and automated management systems.
Sustainability continues to be a key theme in the company’s investment philosophy. “Sustainability and energy performance have become meaningful factors in property selection, but they remain part of a broader evaluation framework,” Bielik explained. “We hold several BREEAM and WELL certified assets, and in both standing acquisitions and new developments, ESG considerations are integrated into our analysis.”
He added that 365.invest aims to “prioritise responsible improvements such as CapEx and operational efficiency dedicated to ESG standards rather than certification for its own sake.” The firm’s ESG roadmap for 2026–2028 includes carbon monitoring, building audits, and expanded certification under BREEAM-In-Use.
“ESG is not an overlay or a marketing label for us,” Bielik said. “It is a structural part of the investment process, applied in a way that strengthens the long-term quality and resilience of the portfolio while ensuring that financial performance remains paramount.”
Bielik acknowledged that the 2025 investment environment remains challenging due to high interest rates, construction costs, and energy volatility. “The most tangible challenge has been maintaining attractive yields in a market where financing costs and required returns are not always aligned,” he said.
Nonetheless, he emphasised that disciplined pricing and active management have helped the company maintain stability. “Some rental renegotiations, particularly in secondary retail or older offices, reflect a more cautious stance from tenants, but this is a normal market recalibration,” Bielik noted.
He described the current market as a period of adjustment that will open opportunities for well-capitalised investors. “We see this phase as a transition that will ultimately create opportunities for disciplined investors. Our strategy remains consistent—stay selective, maintain liquidity, and focus on assets and partners that can perform across cycles. All of this, with a strong emphasis on innovation, which is our key advantage in a competitive environment.”
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