Slovak office real-estate market reports the biggest deal for seven years

Aupark Tower changes hands. The price was not disclosed.

Aupark TowerAupark Tower (Source: Courtesy of CBRE)

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.

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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.

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