Finnish developer will not reconstruct Bratislava's iconic Istropolis

The firm sold its share to business partner Immocap.

Istropolis, known as the House of Trade Unions, was completed in the early eighties of the past century.Istropolis, known as the House of Trade Unions, was completed in the early eighties of the past century. (Source: SITA)

It was big news back in September 2017. Unionists eventually decided to sell the culture and congress centre Istropolis located by the Trnavské Mýto intersection in Bratislava, to the First SPV firm.

The sale was set up by YIT Slovakia, a subsidiary of the Finnish developer YIT Rakennus Oy, and Immocap, owned by Peter Lukeš and Michal Lazar. Despite big plans, YIT Slovakia has made the surprise decision of withdrawing from the Istropolis reconstruction project, as reported by the Sme daily.

“The YIT Slovakia company decided to sell its 50 percent share to Immocap,” said the withdrawing developer in its statement, as quoted by Sme.

The developer wants to invest in other projects on the Slovak market and in the central and eastern European region. For instance, the company bought vast plots near Prístavný Bridge in Bratislava, where it wants to invest €300 million.

Read also:Another iconic building in Bratislava might disappear Read more 

In the hands of Immocap

There has not been much of a rush concerning Instropolis since 2017. But it has already been revealed that Istropolis will be rebuilt following the design by the KCAP studio from the Netherlands, Sme wrote.

"We will do all we can to make Trnavské mýto a popular culture spot for Bratislavans,” pledged Martin Šramko, Immocap head, as quoted by the Denník N daily.

The Immocap Group constructed the Central shopping mall and reconstructed a subway under Trnavské mýto in the vicinity of this socialist congress centre, Sme wrote.

Istropolis is also known as the House of Trade Unions, built between the 1950s and 1980s.

Related articleIstropolis culture and congress centre changes hands Read more 

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