Wednesday, 14 January 2026
Fond Českého Bydlení SICAV, also known as The Czech Housing Fund, has entered the German residential market, bringing its total assets close to €100 million. The fund, which focuses on rental housing investments, acquired a portfolio of 198 apartments located in Saxony and Bavaria during 2025.
Following the transactions, the fund manages a total of 1,060 residential and commercial units, with a combined lettable area of nearly 62,000 sq m. Legal advisory services for the acquisitions were provided by DRV Legal.
The move into Germany forms part of the fund’s diversification strategy and reflects the international background of its founders. Jakub Kořínek previously oversaw activities of the Penta Investments group in Germany and Austria, while Tomáš Novák focuses on the US real estate market.
“The situation in Germany is completely different from that in the Czech Republic. The share of rental housing exceeds 52% and continues to grow. We are entering the market at a time when property prices have not yet reached their 2022 levels and are still in the early phase of an upward trend. Moreover, unlike in the Czech Republic, the market is much better at reflecting the energy efficiency of apartment buildings in rental prices. This allows the Fund to capitalize on its experience with energy savings and significantly increase the value of acquired properties. The absolute price per square meter is very favorable, even compared to the Czech Republic,” says Jakub Kořínek, co-founder of Fond Českého Bydlení.
“Following the completion of the acquisition, German projects now account for approximately 22.5% of our portfolio and have become a significant component of it,” adds Tomáš Novák, co-founder of the fund. “We believe that, in some cases, rents can still be gradually adjusted toward prevailing market levels in the respective localities. Over time, this can support both the value of the properties and their financial performance.”
The acquired residential buildings are located in the catchment areas of Dresden and Leipzig, mainly in the towns of Freiberg, Oschatz and Riesa, as well as in the Bavarian city of Bayreuth. According to the fund, these regions benefit from established infrastructure, access to employment and proximity to the Czech border, which allows operational synergies between the Czech and German portfolios, including in construction and refurbishment works.
The fund plans to gradually modernise the German residential properties in order to increase their long-term value and rental income. Renovation works are expected to be carried out by Czech construction companies already cooperating with the fund, which it says should help manage costs compared to using local German contractors.
“The experience and reputation gained in the German market will open the door to further investments in Europe’s largest rental housing market. We are aware that as the Fund’s assets grow, the Czech market, with its limited size and high fragmentation, will eventually become too small for us. Expansion into Germany is therefore a logical step. At the same time, we are in an advanced stage of additional acquisitions on the Czech market, and I expect further portfolio expansion in the near future,” concludes Kořínek.
