• Capabilities: Financial Institutions

Twin City Tower

Bratislava, Slovakia - Arcadis, the leading design & consultancy for natural built assets has advised the Valesco Group ("Valesco"), the London headquartered European real estate investment manager, together with AIP Asset Management (“AIP”), the Seoul headquartered asset manager, on the first South Korean investment into Slovakian real estate with the €120 million acquisition of the newly developed landmark Twin City Tower from HB Reavis, the leading international workspace provider. The purchase price reflects an acquisition yield of 5.75%.

456

Car parking spaces

34,752 sqm

Total space

Located in the Nove Nivy zone, a core location in Bratislava’s new CBD, the building was completed at the end of 2018. Already 100% let, principally to Amazon, the 23 storey office tower with three underground floors, offers 34,752 sqm of high spec space including a roof top garden and panoramic views. The scheme also includes 1,360 sqm of retail and 456 car parking spaces.

Valesco originated the asset off-market and the transaction represents the first real estate investment backed by South Korean capital in Slovakia. The acquisition builds on Valesco’s and AIP’s substantial deployment of capital in the UK market in 2018 which saw circa £350 million of investment through the acquisitions of Cannon Bridge House in the City of London and the Microsoft HQ in Reading.

The Arcadis team was led by Senior Project Manager Jan Jurcicek, assisted by Junior Project Manager Martin Holy and other professionals in the Arcadis’ expert team. Jan Jurcicek and his team advised on technical matters and aspects of the local market during the transaction. Arcadis provided detailed Technical Due Diligence (TDD), Reinstatement Cost Assessment (RCA), Planned Preventive Maintenance plan (PPM), service charge analysis – Maintenance Costs Assessment (MCA) and other support during the transaction.

 








Jan Jurcicek, Arcadis commented: "I am proud I had the chance to have worked with my team on a first investment of Valesco and AIP on the CEE market and we hope to extend our relationship for potentiuture cooperation. Slovakia is currently witnessing a growing demand for prime office properties by foreign investors. This project was a true example of a direct investment into one of the best office assets on the Bratislava market.”

 Shiraz Jiwa, Founder and CEO of The Valesco Group, says: “This prime asset coupled with an exceptional principal tenant in Amazon in the growing core of Bratislava offers a unique and compelling investment opportunity. It is rare to find an alignment of macro, micro and real estate fundamentals that will together drive value over our holding period.”



Outcomes

456

Car parking spaces

34,752 sqm

Total space

Questions about this project

Jan Jurcicek

Senior Project Manager +420724704304 Ask me a question