Tuesday, 6 October 2026
IAD Investments is further concentrating its property investment business around Prvý realitný fond, with Korunový realitný fond due to be absorbed into the larger vehicle on 25 November 2026.
The restructuring has received approval from the National Bank of Slovakia, according to IAD, with the regulator’s decision taking legal effect on 29 September. Once the transaction is completed, Korunový realitný fond will cease to operate as a separate investment vehicle.
Existing investors will move into the Czech-crown class of Prvý realitný fond without having to submit new instructions. Their holdings will continue to be denominated in CZK, meaning the restructuring changes the fund through which they invest rather than the currency of their investment.
The two vehicles were already closely connected. Korunový realitný fond channels at least 85% of its assets into Prvý realitný fond, effectively giving its investors indirect access to the larger fund’s real estate portfolio. Data published by the Slovak Association of Asset Management Companies put Korunový’s net assets at around CZK 105 million in late September.
Prvý realitný fond operates on a much larger scale. Its euro class had net assets of approximately €681 million in late September, according to industry data. IAD’s portfolio spans several property sectors and Central European markets, including office, logistics and retail investments.
The fund’s real estate exposure includes properties in Slovakia, the Czech Republic, Poland and Hungary, alongside investments elsewhere in the region. Among the assets associated with the portfolio are office buildings in Bratislava and Warsaw, logistics properties across CEE and the Laugaricio shopping centre in Trenčín.
The consolidation follows IAD’s introduction of a Czech-crown unit class within Prvý realitný fond earlier in 2026. That structure allows CZK investors to participate directly in the flagship vehicle, reducing the rationale for maintaining a separate fund whose assets are already predominantly invested in it.
It is also the latest step in a wider streamlining of IAD’s fund platform. Privátny investičný fond was incorporated into Prvý realitný fond in July, making the Korunový transaction the second such consolidation involving the flagship property vehicle this year.
The changes are gradually creating a simpler structure around one large regional real estate fund while retaining different currency classes for investors. For IAD, the process also concentrates assets and administration within a vehicle that has grown into a sizeable participant in the Central European property investment market.
