Trnava-based tycoon Vladimír Poór has sold the recently opened City Arena shopping centre in Trnava to Peter Korbačka, the head of the board of directors of the developer J&T Real Estate. The latter already owns the Eurovea shopping centre in Bratislava. Neither the price nor other details of the transaction have been disclosed.
“I sold one of the companies from my portfolio,” said Poór, as cited by the TASR newswire. “We are glad that it has remained in the hands of a Slovak investor.”
The deal has been one of the most important transactions of this year in terms of the retail sector. The negotiations for the transaction lasted for almost one year.
With the purchase of the City Arena, Korbačka has extended his portfolio with another project.
“I believe in the long-term sustainable growth of the retail sector and in Trnava’s potential,” said Korbačka. “City Arena’s location in the absolute centre of the city, the high-quality construction work, the 100-percent occupancy of the rented premises and the synergy with the neighbouring [football] stadium are the prerequisites for it [the shopping centre] to continue to be successful.”
The City Arena shopping centre was built at the same time as the reconstruction of the football stadium. It was opened in August 2015. The total of the investment was €80 million, of which €30 million went into reconstruction of the stadium. Poór, owner of the football club Spartak Trnava, received a €13 million state subsidy for the reconstruction of the stadium.
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.
At the end of the second quarter of 2018, apartments under construction numbered 76,000 in Slovakia. This is the highest number since 1996 when the Slovak Statistics Office began to register this data. Because the figure for residential real estate under construction in the early 1990s was low, figures from the second quarter of this year are the highest since the launch of independent Slovakia in 1993, the Trend weekly reported.
Construction of a brand new bus station and the extensive reconstruction of Mlynské Nivy Street are going according to plan.
The PNK Group, an international developer of industrial and logistics real estate from Russia, has joined the European real estate market by constructing a new industrial park called PNK Park Sereď in western Slovakia. Spanning 45,000 square metres of industrial space, the park offers premises for various uses: storage, distribution centres and light industry assembly halls.
After the British carmaker Jaguar Land Lover (JLR) announced its plan to build a brand new plant in Nitra, local real estate prices skyrocketed. Now the situation seems to be calming down. This is because the central bank has tightened conditions for taking out mortgages as well as developers announcing projects for the construction of new apartments.