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 fact that we have managed to close the transaction, meaning the sale of the building, within a relatively short period of time – less than 10 months from the final building approval – clearly speaks about the high standard of the project,” said Matúš Výboh, chairman of the board of directors of AMW Development, as cited by the Hospodárske Noviny daily. AMW Development is an affiliation of MiddleCap Real Estate, which designed and built the office building.
The office building stands at the crossroad of Krížna and Legionárska Streets with more than 12,000 square metres of administrative and commercial space. The first tenants moved in in March 2018. At present, the largest tenants include Deutsche Telekom Services Europe and the Lucron Group.
The change in ownership is accompanied by efforts to revive the history of Krížna Street, known as Steinerka in the past. Thus, the new owner changed its name from New Stein to Steinerka Business Center.
The project and subsequent development of the building was realised by MiddleCap Real Estate Ltd. through its subsidiary AMW Development. It purchased the site from YIT Reding at the end of 2015 for construction of administrative and commercial premises.
The office building is part of a new development built on the premises of the former Stein brewery. The developer bought the land from YIT Reding in 2015 with the aim to build an office building on it. YIT Slovakia built a complex of apartment blocks on the rest of it.
Photo: AMW Development
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.
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.