Thursday, 22 October 2026
Czech investment manager INVESTIKA has reported that the net asset value of its property fund has exceeded CZK 30 billion for the first time. Established in September 2015, the fund now holds 65 properties across six European countries, with Poland accounting for the largest share of its investments. The increase reflects additional investor contributions and changes in the value of existing assets.
Poland represents 59% of the property portfolio, followed by the Czech Republic at 23% and Germany at 10%. Smaller allocations are held in Croatia, Austria and Spain, accounting for 4%, 3% and 1%, respectively. This geographical distribution means the fund remains particularly exposed to developments in the Polish commercial property market, despite its investments in several other European economies.
Office buildings account for 49% of the portfolio, followed by logistics properties at 22% and retail accommodation at 18%. Other property types represent the remaining 11%. The fund reports 565 tenants across its holdings, with a weighted average remaining lease term of 4.2 years. Its rental agreements include provisions for inflation-related adjustments, although the timing and financial effect depend on individual contractual arrangements.
Among the fund’s Polish investments is the P180 office building in Warsaw, providing approximately 32,000 sqm of accommodation. Its logistics holdings include properties with a combined area of 211,000 sqm in Bydgoszcz, Poznań, Kraków, Gdańsk and Kielce. During 2026, the fund also entered the German market through the acquisition of Höfe am Brühl, a shopping centre in Leipzig with approximately 55,000 sqm. In Austria, its investments include an aviation training facility in Schwechat, near Vienna International Airport.
Jaroslav Kysela, a member of INVESTIKA’s board, attributed the fund’s growth to continued investor participation and the performance of its existing properties. “Exceeding the CZK 30 billion threshold is, for us, evidence of our investors’ long-term trust,” Kysela said. He also pointed to the distribution of investments across different countries and property sectors as an important element of the fund’s approach to managing risk.
For the 12 months ending 30 September 2026, the fund reported a return of 5.41% for its Czech koruna investment class. Its cumulative return over five years reached 35.25%, while the reported increase in investment value since establishment was 77.01%. INVESTIKA calculated its average annual return over that period at 5.37%, compared with a stated target range of 4% to 6%. These historical figures exclude entry charges and do not provide an indication of guaranteed future performance.
The fund accepts investments from CZK 100 or €4 and recommends a holding period of at least five years. It is classified in the second-lowest category on the seven-point Summary Risk Indicator scale. Nevertheless, investors remain exposed to changes in commercial property valuations, tenant demand, rental income and financing conditions. The reported CZK 30 billion figure represents net assets after liabilities rather than the gross market value of the properties owned by the fund.
INVESTIKA intends to continue acquiring commercial real estate in Central and Western Europe, although it has not announced specific forthcoming transactions or investment budgets. The fund’s existing portfolio illustrates the participation of individual investors in commercial property ownership through collective investment structures. With Poland accounting for almost three-fifths of its holdings, conditions in the country’s office, logistics and retail markets will remain particularly important to the fund’s future financial performance.
