![](\"https:\/\/www.europesays.com\/cz\/wp-content\/uploads\/2026\/05\/nYau.png\")
<\/a><\/p>\nInvesto\u0159i, kte\u0159\u00ed tak do fondu vstupovali, nebo z\u00a0n\u011bj vystupovali v\u00a0letech 2020\u00a0a\u017e 2022, ve skute\u010dnosti nakupovali (i prod\u00e1vali) za ceny, kter\u00e9 neodpov\u00eddaly tomu, co by trh byl za dan\u00e1 aktiva ochoten zaplatit. Trh nicm\u00e9n\u011b nakonec re\u00e1lnou hodnotu majetku stanovil.<\/p>\n
Pro investory v\u0161ak byla krom\u011b nadhodnocen\u00ed majetku destruktivn\u00ed i\u00a0takzvan\u00e1 finan\u010dn\u00ed p\u00e1ka. Fond Nova Real Estate toti\u017e financoval n\u00e1kupy nemovitost\u00ed z\u00a070\u00a0procent ciz\u00edm kapit\u00e1lem (pom\u011br vyp\u016fj\u010den\u00fdch pen\u011bz k\u00a0hodnot\u011b majetku, \u010dili LTV), kter\u00fd se postupn\u011b sn\u00ed\u017eil na 52\u00a0procent. Tato p\u00e1ka v\u00a0dob\u011b n\u00edzk\u00fdch sazeb zvy\u0161ovala v\u00fdnosy, tak\u017ee fond v\u00a0dobr\u00fdch \u010dasech dosahoval zhodnocen\u00ed p\u0159ibli\u017en\u011b 7\u00a0procent ro\u010dn\u011b. Ve chv\u00edli, kdy ale p\u0159i\u0161el propad hodnot nemovitost\u00ed, zadlu\u017een\u00ed n\u00e1sobilo ztr\u00e1tu. Pokles hodnoty portfolia o\u00a020\u00a0procent se proto p\u0159es finan\u010dn\u00ed p\u00e1ku prom\u00edtl do propadu \u010dist\u00e9 hodnoty NAV o\u00a0t\u00e9m\u011b\u0159 39\u00a0procent.<\/p>\n
Management spole\u010dnosti p\u0159itom musel od roku 2022\u00a0p\u0159inejmen\u0161\u00edm tu\u0161it, \u017ee v\u00a0prost\u0159ed\u00ed rostouc\u00edch \u00farokov\u00fdch sazeb bude efekt finan\u010dn\u00ed p\u00e1ky takto fungovat.<\/p>\n
St\u00edn Arcy<\/p>\n
Nejv\u011bt\u0161\u00edm akcion\u00e1\u0159em fondu byla od po\u010d\u00e1tku Arca Capital, jej\u00ed\u017e pozice p\u0159edstavovala p\u0159ibli\u017en\u011b 30\u00a0procent fondu. <\/p>\n
Kdy\u017e se v\u00a0druh\u00e9 polovin\u011b roku 2020\u00a0za\u010daly projevovat probl\u00e9my cel\u00e9 skupiny a\u00a0v roce 2021\u00a0p\u0159i\u0161el \u00fapadek, st\u00edn krachuj\u00edc\u00ed Arcy dopadl i\u00a0na Fond Nova Real Estate, kter\u00fd spravuje investi\u010dn\u00ed spole\u010dnost Redside.<\/p>\n
Investo\u0159i za\u010dali masivn\u011b \u017e\u00e1dat o\u00a0v\u00fdplatu sv\u00fdch pen\u011bz a\u00a0v \u010dervenci 2023\u00a0musel fond odkup pozastavit, proto\u017ee u\u017e nem\u011bl hotovost. Zakladatel a\u00a0\u0161\u00e9f Redside Rudolf V\u0159e\u0161\u0165\u00e1l nakonec v\u00a0roce 2023\u00a0investor\u016fm p\u0159iznal, \u017ee kv\u016fli zni\u010den\u00e9 pov\u011bsti nem\u00e1 firma \u0161anci fondy d\u00e1le rozv\u00edjet, a\u00a0rozhodl o\u00a0jejich likvidaci a\u00a0rozprodeji majetku. Odkup akci\u00ed pak obnovil a\u017e loni.<\/p>\n
Kauza Arca Investments pat\u0159\u00ed k\u00a0nejv\u011bt\u0161\u00edm krach\u016fm modern\u00ed \u010desk\u00e9 a\u00a0slovensk\u00e9 historie, po n\u011bm\u017e z\u016fstaly t\u00e9m\u011b\u0159 dv\u011b tis\u00edcovky v\u011b\u0159itel\u016f a\u00a0dluh t\u00e9m\u011b\u0159 19\u00a0miliard korun.<\/p>\n","protected":false},"excerpt":{"rendered":"Fond Nova Real Estate, kter\u00fd v\u00a0dob\u011b sv\u00e9ho rozmachu spravoval nemovitosti za zhruba osm miliard korun, bude po deseti…\n","protected":false},"author":2,"featured_media":8225,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[28092,67,68,26777,15280,565,28093,28091],"class_list":["post-92221","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-arca-investments","tag-business","tag-byznys","tag-fondy-kvalifikovanych-investoru","tag-hodnota","tag-nemovitosti","tag-nova-real-estate","tag-redside"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116610607803787888","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/92221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=92221"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/92221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/8225"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=92221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=92221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=92221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}