The ownership structure of Vjesnik, which has been intensively reported on these days following a major fire in that iconic building, has revealed an important detail about the recent strategic moves of Fortenova Group. Namely, among the co-owners is the company FNG Property, owned by Fortenova, established in April of this year, to which a portion of the assets of Konzum plus has recently been transferred according to data from the Court Register.
– By the decision of the assembly of the company FNG NEKRETNINE d.o.o., the Agreement on Division with Acquisition was approved, which was concluded on July 30, 2025, by the management of the company KONZUM plus d.o.o., as the company being divided, and the company FNG NEKRETNINE d.o.o., as the acquiring company. The division decisions have not been contested – it is stated in the register of the Commercial Court.
Divested Real Estate
Further investigation has shown that the share in the Vjesnik building and Konzum’s real estate are not the only assets transferred to that company. Specifically, Fortenova has divested the entire real estate portfolio of the Group and transferred it to the newly established companies FNG Property HR (formerly FNG Nekretnine) and FNG Property SI. As the names suggest, one company manages real estate in Croatia, while the other manages the Slovenian portfolio. This information has also been confirmed by Fortenova, emphasizing that this is a strategic move that changes the management of one of the largest business real estate portfolios in the region.
– One of the projects directly related to strengthening the operational efficiency of the Group is the divestment of all real estate owned by Group companies into the newly established real estate companies FNG property HR and FNG property SI. The goal of these changes is further professionalization, greater focus on development, maintenance, and more efficient management of the Group’s large real estate portfolio, which is in line with the practices of leading market players. At the same time, the operational companies of the Group can fully focus on their core business, thereby further increasing their efficiency and competitiveness in the market and ensuring long-term stability – stated Fortenova.
The Group has previously sold some properties, such as the large Super Konzum complex in Radnička for about 20.5 million euros, office spaces in the Cibona Tower to the Agram group, and land in Zagreb’s Peščenica to the company Paron owned by Ranko Predović.
All Part of Transformation
Fortenova emphasized that the divestment of real estate is part of a six-year financial and operational transformation during which Fortenova has significantly reduced its indebtedness.
– Since the beginning of Fortenova Group’s operations, from 2019 to today, gross debt has been reduced from two billion euros to 650 million euros, while at the same time, the Group’s EBITDA has more than doubled. Thus, the ratio of net financial debt to operating profit (EBITDA) of the Group is within the range corresponding to an investment credit rating – highlighted the company.
Divesting real estate into a separate company is a common practice in international retail. As explained by Dragan Munjiza, an experienced expert with many years of experience in retail, the reasons for this can vary.
– When a retail business is preparing for sale, real estate is often separated into a special company. Sometimes the reason is financial: real estate separated into a special company can be used for more favorable leasing arrangements or as a basis for releasing additional liquidity, which gives operational companies greater maneuvering space. A common reason is also focus: retail is extremely complex, and asset management is a separate specialty. By separating real estate, it ensures that the assets are managed by specialists, while the operational business focuses on what it does best – says Munjiza.
He added that in this case, the retail company pays rent to the real estate company and that many large global retailers operate this way. Such an interpretation is confirmed by a financial expert with many years of experience in retail, who wished to remain unnamed, emphasizing that there is a very clear financial basis for the separation of retail and real estate.
– Banks evaluate retail and real estate through completely different models. Retail carries a higher operational risk, while real estate is viewed as stable, long-term assets. If both activities are within the same company, banks apply a more conservative retail valuation. This reduces credit capacity and makes financing more difficult. Therefore, separating real estate allows for better access to capital – he explained.
According to the same source, Fortenova will need to embark on a systematic renovation of retail spaces in the next phase, which have not been seriously invested in since 2013. This is a necessary, albeit unprofitable, cycle in retail that is significantly easier to finance when real estate and operational business are separated.
In summary, the divestment of real estate represents a logical continuation of the restructuring whereby Fortenova separates assets and operational business to ensure more efficient management, favorable financing, and a more stable future position in the market.
