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.
Bratislava is scheduled to get a new landmark within a few years. The developer J&T Real Estate (JLRE) has obtained a development permit for the project of extending Eurovea on the Danube embankment. Included is the 168-metre high Eurovea Tower, the first building in Bratislava that meets the latest criteria for being called a skyscraper, i.e. higher than 150 metres. The residence tower will have 47 storeys and have almost more than 380 residential units. The project will add 84,000 square metres of retail premises to the existing ones in the first phase of Eurovea, the Hospodárske Noviny wrote.
The Saudi-Arabian company Sisban has started building a brand new logistics park near the village Chocholná-Velčice in the Trenčín Region. Sihoť Park will spread over 160,000 square metres, while investments are projected at €50 million. This is the company’s first investment in Slovakia, the TASR newswire reported.
Tightening of conditions for taking mortgages has made house ownership less available for many Slovaks. Banks do not provide mortgages covering 100-percent of real estate prices anymore, and thus those interested financing a house or flat via a mortgage must pay a portion of the purchase price in cash.
New Stein, an office building recently built on the former Stein brewery premises in Bratislava has a new owner. MiddleCap Real Estate Ltd. sold the building to Prvý Realitný Fond managed by IAD Investments. Even though they did not reveal the price, the companies claim that it is one of the largest real estate transactions in Slovakia for 2018.
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.