Wednesday, 19 August 2026
Czech investment group Českomoravská Nemovitostní (ČMN) has reached CZK 18.7 billion in assets under management ten years after its establishment, following a decade of acquisitions that has taken the company from a small Brno-based real estate business to one of the Czech Republic’s largest owners of premium office space.
Founded in 2016, ČMN currently manages 14 office buildings with approximately 177,000 sqm and four retail properties providing a further 49,700 sqm. The combined commercial portfolio therefore covers around 226,700 sqm, compared with approximately 50,000 sqm of lettable space managed by the group during its earlier development.
The company says more than 20,000 investors have invested through its structures, while almost 190 companies occupy properties within its portfolio. Its tenant base includes companies such as Deloitte, Google, Vodafone, Siemens, Nestlé and Pfizer. More than 16,000 investors participate through the NEMO real estate fund.
ČMN’s expansion has largely been built around acquisitions in established Prague office districts. Its properties are located across areas including the city centre, Vinohrady, Karlín, Smíchov and Dejvice, reflecting a strategy focused primarily on existing commercial assets in established locations rather than development-led expansion.
The group began making acquisitions in 2018, purchasing properties including Mezi Vodami, Václavské náměstí 62 and Aragonit. A year later it acquired the Blox and Crystal office buildings, taking the value of its portfolio above CZK 4.9 billion and establishing the NEMO real estate fund.
Expansion accelerated in 2020 with investments in Churchill I & II and City West C1 & C2, pushing the managed portfolio above CZK 11 billion. ČMN subsequently expanded into Karlín through the acquisition of Apeiron, Corso Karlín and Zirkon in 2021, when the portfolio reached CZK 13.5 billion.
The group continued increasing its exposure to Churchill I & II, raising its interest to 75% in 2023 before becoming the sole owner in 2024. The same year, ČMN and the NEMO fund completed what the company describes as the largest acquisition in its history, involving five office buildings and 11 retail parks.
By 2025, ČMN says it had passed the threshold of 20,000 investors and become the third-largest landlord of office space in the Czech Republic. Its current portfolio consists of 14 office properties and four retail parks with a total reported value of CZK 18.7 billion.
The scale of the company’s ambitions is also becoming more apparent in the size of transactions it is prepared to pursue. ČMN chairman Radek Stacha said the group recently competed for the Riverside office complex in Prague’s Karlín district in a transaction valued at approximately €300 million.
According to Stacha, ČMN’s offer was around €2 million short of the successful bid. While the company did not secure the property, participation at this level indicates that it is positioning itself to compete for substantially larger institutional assets than during its earlier years.
“Over ten years, we have more than quadrupled the lettable area under management, from approximately 50,000 sqm to today’s 226,700 sqm, and our portfolio is valued at CZK 18.7 billion,” Stacha said. He added that the company intends to continue looking for major acquisition opportunities as it enters its second decade.
Alongside its investment strategy, ČMN is introducing a revised corporate identity to coincide with its tenth anniversary. The company describes the change as an evolution rather than a complete redesign, intended to reflect the increased scale and maturity of the business while retaining continuity with its existing brand.
The development of ČMN over the past decade also reflects the increasing role of domestic capital in the Czech commercial property investment market. From relatively small transactions in its early years, the group has assembled a sizeable Prague-focused office portfolio while adding retail exposure and broadening its investor base.
With CZK 18.7 billion of assets now under management and the company prepared to compete for transactions approaching €300 million, its next phase is likely to depend less on increasing the number of properties and more on the scale and quality of future acquisitions. The Riverside bidding process provides an indication that ČMN is now looking at opportunities considerably larger than those that shaped its first decade.
