Performance of REDSIDE funds in July 2024
In July 2024, the NOVA Real Estate Fund's appreciation reached 0.09% and thus the total appreciation for 2024 is 1.56%.
During these months, the exclusive bidder and its advisors are conducting due diligence on the portfolio - legal, technical and commercial. At the moment the process is proceeding as planned and there are no delays.
Our aim is therefore to remain in line with our commitment to our investors, and therefore to complete the sale of the portfolio and pay out all holders of investment shares by the end of the suspension period, i.e. by 29 December 2024.
Asset Management:
Café - CAFEDU, with whom we have agreed to extend the lease, is expected to open its new
premises in the month of October. Visitors can look forward to a new co-working space and an
extension of the café zone.
Orlice Park Shopping. The unit is approximately 780 sqm and has been extended until 2030.
Penny Pelhřimov: the tenant of the butcher shop has gone into insolvency, but the premises are
now being taken over by a pizzeria operator, so the space remains leased.
In July, we focused mainly on optimizing the PV portfolio, due to the decline in efficiency of the old thinfilm frameless panels, we completed the replacement of these panels with new ones. The first days of operation have shown the correctness of this decision, with an increase in production of the PV plant in question by tens of percent. At the same time, we have transferred the still functional panels with the original thin-film technology to the extent necessary to other PV plants using the same panels, and replaced cracked, non-functional or partially functional panels that had been reducing the output of these PV plants. These other PV plants should also experience an increase in production - although not as large as in the case of replacement with new panels, but also these PV plants should experience an increase in production in the lower units of percentages. The remainder of the older panels that are still functional will then serve as spare parts for any future failures of this type of panels.
The PV plants using central inverter technology will then undergo refurbishment and general overhaul of these inverters in the following months. So far, this technology has shown minimal failure rates and overall the inverters appear to be in good condition, with only some sub-components approaching the end of their useful life. After the refurbishment of these components and the overhaul of the inverters, according to the experts in charge of the inverters, these inverters should be operational at least until the end of the operational support of these PV plants.
The valuation of Sub-Fund 2 for the month of July was 0.45%.
In July, the third advance (second material) on the liquidation balance was paid to the holders of PF1
investment shares; this procedure may be repeated in the event of accumulation of surplus cash in the
future.
The announced sale of the Hungarian part of the portfolio is progressing according to its timetable;
after the signing of the NDA, information materials on the 43 MWp PV portfolio were distributed to
potential bidders, and indicative bids are due in mid-September.
