Revisiting the Master Fund in 2024

As 2024 draws to a close, we take a moment to reflect on the milestones achieved over the past 12 months. This year has been a dynamic and rewarding one for the team at ZDR Investments. We began with the acquisition of a retail park in Prague’s Kunratice district in early January and steadily expanded our portfolio with four additional properties throughout the year.

The standout achievement of 2024 was the acquisition of three retail parks in northern Slovenia for over 33 million SGD. This pivotal transaction marked our entry into a new market, expanding our footprint to six countries. Slovenia’s strong political and economic stability, coupled with its position as the accession country with the highest GDP per capita, makes it an ideal market for ZDR Investments’ growth strategy.

Acquistions:

• Prague Kunratice Retail Park (Czechia)

Situated in the Kunratice district of Prague, this property offers a leasable area of 1,899 m². Its anchor tenant is the renowned grocery chain BILLA, part of the Austrian group REWE International AG. Other tenants include the popular discount retailer Pepco and Traficon, a network specializing in tobacco products and newspapers.

• Slovenj Gradec Retail Park (Slovenia)

Completed this year, this shopping center serves the 7,000 residents of Slovenj Gradec and its surrounding region. Strategically located near a major roadway in northern Slovenia, the retail park spans nearly 4,928 m² and features prominent tenants such as SPAR groceries, Müller drugstore, Hervis sporting goods, and Big Bang, a leading Slovenian electronics retailer.

• Ravne Retail Park (Slovenia)

This compact retail park, built in 2022, is located in one of the region’s key industrial centers, home to a steel mill employing approximately 4,000 people. Its strategic location ensures a steady flow of customers.

• Prevalje Retail Park (Slovenia)

The largest acquisition in our Slovenian portfolio, this retail park spans 7,474 m² and serves nearly 7,000 residents. Tenants include renowned brands such as SPAR, Deichmann, and JYSK, establishing it as a vital retail hub for the community.

• JYSK Vrchlabí Store (Czechia)

Although a smaller property, this store, acquired in 2022, holds significant strategic value. JYSK demonstrates exceptional tenant stability, with an average lease term of 8.2 years across the 14 JYSK stores in ZDR’s portfolio. Notably, the weighted lease term for this specific property is even higher at 8.44 years. Together with grocery and daily necessity retailers, JYSK remains a cornerstone of our retail park strategy.

As we look ahead to 2025, we are excited about the opportunities that lie ahead. Our team is already actively working on new acquisitions, aligned with our long-term investment strategy. With a focus on sustainable growth and value creation, we remain committed to expanding our portfolio and delivering consistent results for our investors.