BHM group in 2025: Capital That Withstands Economic Cycles

In a year when the European economy was weighed down by higher interest rates and persistent geopolitical uncertainty, BHM group confirmed its position as one of the most distinctive Czech investors with a growing European footprint.

The year 2025 demonstrated that a strategy based on patiently invested capital and active ownership of real assets can deliver stable returns alongside a distinct social impact. BHM group thus continues to profile itself as an investor that does not seek quick valuation gains but rather focuses on building companies capable of thriving over the long term.

Healthcare: Reinsberg Group as a Next-Generation European Player

The most visible shift in BHM group's portfolio this year came in the healthcare technology segment. Reinsberg Group, its fast-growing MedTech holding, significantly strengthened its position through the acquisition of PROTEC, a German manufacturer of X-ray systems. This move complemented existing brands such as ALVO Medical, medifa, Brandon Medical, and Famed Żywiec, collectively creating a broad product foundation—from operating theatres and hospital installations to diagnostic equipment.

Simultaneously, the group made a full capital entry into the Czech startup Carebot, which develops artificial intelligence algorithms for analyzing radiological images. Combining Reinsberg Group's hardware and manufacturing expertise with Carebot's software and data capabilities creates a platform with the potential to accelerate diagnostics and improve the precision of medical decision-making across European hospitals. "Europe has long lagged in deeper integration of industry and digital technologies. Bringing together traditional medical-equipment manufacturers with AI-driven solutions is exactly the kind of innovation where we want to be at the center of the action," notes Jan Černý, Managing Director of BHM group.

The group's ambition is to gradually build a strong technology player that does not rely on importing key technologies from abroad but is capable of setting standards and driving the pace of development in the global market.

Foundations of Long-Term Stability

In the energy sector, BHM group, through BHM Renewables, continued its strategy that combines moderate risk with long-term returns. The sale of two rooftop solar projects on logistics parks in Slovakia and Slovenia, after reaching the "Ready to Build" phase, confirmed the group's ability to create value already in the development stage and subsequently monetize it through sales to specialized operators. The projects, with a total installed capacity of over 7 MWp, also open the door for future integration of battery storage.

Naturally, energy connects with the logistics and manufacturing parks that BHM group manages through BHM Parks in Central and Southeastern Europe. The region is benefiting from nearshoring and the rerouting of supply chains closer to European consumers, giving modern logistics parks in Slovenia, Croatia, Serbia, and Slovakia increased strategic importance.

Real Estate: From Award-Winning Housing to the Sale of Retail Centers

In real estate, BHM group focused on projects that combine investment returns with social impact and urban quality. The residential project ICON Park in Kladno, focused on modern housing near Prague, received the Jury Award in the 2024 Real Estate Project of the Year competition. The recognition underscores that demand for high-quality, architecturally refined housing in regions surrounding the capital is a long-term trend with solid economic foundations.

A project of strategic importance is Resort Na Výsluní in Bakov nad Jizerou, which received its building permit in 2025 and moved into the implementation phase. The development combines a cooperative financing model with intergenerational living and addresses the needs of an ageing Czech population. Cooperative apartments for seniors, families, and working-age residents are complemented by services and community facilities. "Demographics is the most predictable macro trend. An aging population will not solve itself; it needs infrastructure—from healthcare to housing. Projects like Resort na Výsluní show that real estate can be both economically rational and socially responsible," emphasizes Černý.

In the commercial real estate segment, the group completed the sale of the Polish retail center network A-Centrum to a specialized investor. During its management, the group successfully expanded selected properties, increased occupancy, and strengthened relationships with key tenants. Sales represent the natural culmination of several years of work that led to more stable revenues and a healthier financial position across the portfolio.

Urban Tourism and Modern Accommodation Concepts

A significant step in the modern accommodation segment was the consolidation of the stake in Adrez Living, the operator of Prague aparthotels. This business model blends real estate with digitalization and urban tourism, benefiting in recent years from a rebound in travel exceeding pre-COVID levels. Serviced apartments also appeal to a broad spectrum of clients, from business travelers and families to long-term guests.

Adrez Living builds its growth on data, operational efficiency, and strategic site selection, all of which support high occupancy rates and strong, predictable cash flow. This combination of operational discipline and commercial performance is precisely why the company has become a strategic part of the BHM group portfolio.

2025 as a Test of the Investment Approach

BHM group has demonstrated that its investment philosophy is not driven by market trends, but by long-term structural forces: the energy transition, digitalization of healthcare, nearshoring, and demographic change. Each of its investments also had a clear and measurable impact. Improvements in hospital equipment, more accessible senior housing, more efficient logistics, and more accurate diagnostics are examples of where economic returns and real societal benefit intersect. It is precisely this alignment of financial and social value that reaffirms for BHM group that its chosen direction is the right one.