According to local weekly EURO, TEF O2 CR reportedly started process of offering their real estate portfolio to potential investors. Dataroom will be opened in April and binding bids are expected in June. Properties will be offered in three categories. 1st category – 56 buildings in Prague, 2nd – 117buildings in Brno and 3rd – 120 buildings in regional as well as smaller cities. Altoghether it is 293 buildings with rentable area of 628,000 sqm and company plans to lease back approx. 1/3 of the space back.
Our view:
The news about sale of real estate properties is not new for the market, therefore neutral for today’s trading. In 2003, when first info about plans to sell real estate portfolio occurred, Cesky Tel expected to get som CZK 11bn. Taking into account increasing prices of real estate, we see that company could be able to get some CZK 14bn at the moment.