US real estate investment fund Heitman sold the Aupark Tower office building in Bratislava to the real estate fund of the investment bank Wood & Company in early June. The consultancy company CBRE, which mediated the deal, describes the transaction as the biggest on the Slovak office real-estate market for seven years. The price, however, was not disclosed.
“Via the acquisition of the office assets Aupark Tower and Lakeside Park in Bratislava and the Hadovka Office Park in Prague, we are strengthening our position in the administration of real estate funds for qualified investors, by which we are trying to satisfy the growing appetite of investors for such assets,” said Martin Šmigura of Wood & Company, as cited in a press release from CBRE.
Developer HB Reavis completed Aupark Tower, next to the Aupark shopping centre on the Petržalka side of the Danube River, in 2008. It has 22 upper-ground floors, one underground floor and 750 parking places. The total rentable area amounts to 35,000 square metres. It holds the BREEAM EXCELLENT certificate. Now it houses such prominent concerns as the IT companies Eset and AT&T and the mobile operator O2.
“This excellent transaction confirms the position of Bratislava as a prominent investment market in central and eastern Europe,” said Anthony Selman, head of investment properties for central & eastern Europe at CBRE, as cited in the press release. “This investment is part of a wave of foreign capital, whose aim is to utilise the difference in investment revenues the Slovak quality office real-estate market offers compared with abroad.”
Heitman European Property Partners IV bought Aupark Tower in 2012 when the price might have been as high as €85.6 million, the Trend weekly reported at that time.
Photo: Courtesy of CBRE
The prestigious architecture award Arch went to the Vallo Sadovsky Architects studio for the Nádvorie (Courtyard) project in Trnava involving reconstruction and extension of a set of historical buildings in the city centre.
After more than a 10 year break, construction work on the derelict skeleton of an unfinished shopping centre in Nitra will resume. The developer Living Park will rebuild it into a complex named Promenáda Living Park, combining shopping with housing. It has already obtained a construction permit, the SITA newswire reported.
Aupark, one of the first modern shopping centres in Bratislava, is to extend its premises. A new block, for which it has already obtained permissions, should add a new parking lot as well as extension of the retail area, the Trend weekly informs on its website dedicated to real estate.
The construction industry is a huge consumer of energy and generator of greenhouse gases. Thus, it is important to pursue green building to reduce these negative impacts. In Slovakia, green buildings and ecological construction make up 20-25 percent of all newly built real estate commented Martin Pribila, an expert in construction and green building in the discussion programme Tablet TV, hosted by the TASR newswire.
Despite geopolitical uncertainty and a slow down in the economic cycle, investment in the global property market has seen a significant rise of 18 percent year-on-year to a new record high of $1.8 trillion, up from $1.5 trillion in 2017. Cushman & Wakefield, which examines global commercial real estate investment activity, assessing cities by their success at attracting capital, came to this conclusion in their latest report.
Fewer than 3,000 new apartments are available on the market of new residential buildings in Bratislava, which is the lowest figure for the past two years. As demand for new apartments is still relatively lively, prices for new units continue to grow slightly, the TASR newswire cited the real estate agency LEXXUS.
The Austrian company Soravia has opened a new retail zone in Liptovský Mikuláš in northern Slovakia, the Retail Park Liptovský Mikuláš. It is 9,000 square metres and is the first investment by the Austrian developer outside Bratislava. The investment totalling €22 million has created 100 jobs so far.