Ceska Sporitelna intends to sell about 100 buildings this year. CS plans to consolidate its real estate portfolio and wants to sell office buildings, warehouses, garages and unused land. The properties are located mainly in regional cities. CS sold 28 building for CZK c160m last year. CS’s spokesman Klara Gajduskova said that the bank is negotiating with buyers for 53 buildings. We see this news as neutral and reiterate our Hold recommendation.