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
The oldest shopping mall in Bratislava, Polus City Center in Bratislava’s Nové Mesto borough, is undergoing major reconstruction. With an investment of €4 million euros, the interior and exterior of the shopping mall will undergo radical change.
Mlynica, a former industrial building in Bratislava rebuilt into a multi-purpose building, is one of 40 projects shortlisted for the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award. The biennial competition is considered to be the most prestigious architectural award in Europe.
The first of three residential towers of Sky Park, a project designed by the prominent Zaha Hadid Architect studio in Bratislava, reached its final height at the 31st above-ground floor at the end of last year. The other two towers will reach their final height during the first half of this year. Construction of the first of two office buildings and restoration of the historical heating plant known as Jurovičova Tepláreň are going on as well.
At the end of 2018, the offer of housing units in newly finished apartment buildings in Bratislava hit a low since 2002-2005, when this market started developing in Slovakia. This resulted in an increase of average prices of apartments.
The iconic building of the British retail chain Tesco department store in the centre of Bratislava has changed hands. The new owner of the building is the Mirage Shopping Center company of Žilina-based businessman George Trabelssie. Since 2016 the retail chain Tesco has sold five department stores across Slovakia. Trabelssie, who is close to former chair of the Slovak National Party (SNS) Ján Slota, acquired Tesco department stores also in Nitra and Žilina, the Hospodárske Noviny business daily reported. Tesco will continue to operate in the building on Kamenné Square as it will rent the premises.
The reconstruction of the Park Inn by Radisson Danube hotel in Bratislava has become the ugliest new building constructed between the years 2011 and 2018. As much as almost one third of 1002 participants in a survey organised by the website Trend Reality of the economic weekly Trend voted for it. The weekly launched the survey in early December. Its goal was to start a discussion and hold up a kind of mirror to developers.
Prices of apartments grew at a two-digit pace in Slovakia in 2018. The average price of an apartment increased from €1,479 per square metre to €1,655 per square metre during the first 11 months of 2018. This means an increase of €176 per square metre or 11.9 percent, Vladimír Kubrický, analyst with the Real Estate Union, told the TASR newswire.