CS/EN
Investor Portal
Overview of parameters

The fund
in detail.

11–13% p.a.
Target return after fund costs
8% p.a.
Preferred return
min. 20%
Partners' capital
up to CZK 500m
Fund size
CZK 1m / EUR 50,000
Minimum investment
4–6 years
Investment horizon
1.3% p.a.
Management fee
CZK / EUR
Investor classes

The full terms, the method of calculating returns and the rights of individual share classes are governed by the sub-fund's articles of association and the KID.

Capital flow

How projects
enter the fund.

01Top Estates acquires the project
02Develops it to an advanced stage
03The project enters the fund at real cost
04The partner receives fund shares
CZK 0
cash paid out to partners on contribution
20%+
of partners' capital in the fund

The fund therefore does not buy projects from its founders at future expected value. Partners' capital stays invested alongside investors' capital.

Investment classes

One strategy.
Three investment classes.

Preferred return
8% p.a.
Participation in excess return
yes
Target return
11–13% p.a. after fund costs
Minimum investment
CZK 1 million

Final parameters per the sub-fund's articles and related documentation. Indicative figures do not constitute investment advice.

Investor upside

How the investor's
return is created.

01 — Preferred return
8% p.a.

Investor classes have priority on the preferred return of 8% p.a. Any shortfall is topped up from class M shares per the articles.

02 — Excess return
50 : 50

Further return is split between the investor classes and class M per the sub-fund's articles.

03 — Target return
11–13% p.a.

Target return of the investor classes after expected fund costs.

The exact calculation method, the return cap, the accrual of returns and the scope of any top-up are set out in the sub-fund's articles of association and the KID.

Fund structure

What the fund
costs.

Management fee
1.3% p.a.
Other ongoing costs
administration · depositary · audit · valuation
Expected total ongoing costs
approx. 2% p.a.
Entry / exit fees
per the relevant class and distribution channel

The target return of 11–13% p.a. is communicated after expected ongoing fund costs, before investor taxation and before any entry fee.

Risks & controls

Every return carries risk.
What matters is how we manage it.

What can happen

Slowing demand or falling property prices in Prague and its surroundings.

Potential impact

Lower achieved sales prices, reduced margin and overall project return.

How we manage it

Conservative entry prices and a reserve in the business plan, focus on locations with durable demand, phased sales and continuous review of pricing strategy.

What can happen

Inflation in materials and labour exceeds the planned budget.

Potential impact

Reduced project margin, pressure on budget reserves.

How we manage it

Cost plan and calculations at every project stage, fixed contracts with suppliers wherever possible, and ongoing tracking via Project Control.

What can happen

The pace of sales of residential or commercial units lags behind plan.

Potential impact

Extended project cycle, temporary pressure on cash flow and later distributions.

How we manage it

Diversified project mix, marketing reserves, flexible pricing strategy and pre-sales already during construction.

What can happen

Bank financing becomes more expensive, delayed or less available.

Potential impact

Higher cost of debt, pressure on project returns, possible delay to construction start.

How we manage it

Diversification of banking partners, early tendering and bank selection, and locking in terms as soon as a solid business plan is in place.

What can happen

The fund invests in a limited number of projects — underperformance of one has a greater impact.

Potential impact

Greater volatility of the fund's overall return.

How we manage it

Selective project selection, diverse target segments and cycle stages, direct control over the entire process.

What can happen

Project value is determined by expert valuation, not by an exchange-traded market price.

Potential impact

The value of the investment may move more significantly between individual valuations.

How we manage it

Independent valuation, control mechanisms of the administrator and depositary, and regular valuation under the articles.

What can happen

Investment in real estate development is long-term and illiquid by nature.

Potential impact

Redemption may not be possible immediately; early exit may carry a fee.

How we manage it

Recommended horizon of 4–6 years, management of project maturities and fund cash flow, clearly defined redemption terms in the sub-fund's articles.

What can happen

The return of the EUR class may be affected by EUR/CZK movements and the cost of currency hedging.

Potential impact

Deviation of the EUR class return from the CZK return.

How we manage it

The terms of currency hedging and the allocation of its costs will be defined in the articles and the KID of class B.

A full description of the risks forms part of the sub-fund's articles of association and the KID.

Independent infrastructure

Independent institutions
around the fund.

WINSTOR
Fund manager and administrator
ČSOB
Depositary
BDO
Auditor
ČNB
Regulatory supervision
Fund documents

Complete documentation
in one place.

Sub-fund articlesComing soon
KID A CZKComing soon
KID B EURComing soon
Articles of associationComing soon
FactsheetComing soon
Next step

The next step is personal.

We will present the fund structure, upcoming projects, and the investor portal to you during a personal meeting.

SCHEDULE A PERSONAL PRESENTATION
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