Bratislava – Real Estate developer Immocap and investment fund REICO LONG LEASE from the Erste Asset Management group have agreed on the sale of The Mill office building on Mlynské nivy boulevard in Bratislava. One of the largest real-estate transactions this year on the Slovak market is part of a more complex agreement between the two players.
Reico manages the largest real estate fund in the Czech Republic and has chosen Immocap as a partner to manage a significant part of its real estate portfolio on the Slovak market. This foreign investment is a great signal for the entire office real estate market and at the same time a confirmation of Immocap’s position as a key partner for the development and management of real estate investments. “The Mill building fits perfectly into our REICO LONG LEASE fund, where it is the first investment in offices and thus further diversifies the fund’s risk profile. The partnership with Immocap is a big step for us on the Slovak market and I am convinced that we will see further joint transactions in the future. Not only this acquisition, but also the entire cooperation is beneficial for our tenants and consequently especially for our investors,” said Dušan Sýkora, CEO of Reico investment company Erste Asset Management, a.s.
The Mill / Tomáš Manina
Foreign investments are always big news in Slovakia, and the entry of such an important partner as Reico is also extremely appreciated by the CEO of Immocap, Martin Šramko. “I see the agreement with the Reico investment fund as a good signal for the entire office real estate market in Slovakia and I believe that it will also be an impulse for boost in this area. Immocap has successfully established itself as a lessor and partner for large multinational companies, and the latest transaction confirms this success story. I am glad that we are handing over the building in excellent condition and with one hundred percent rent. I would especially like to thank our partner Reico for great negotiations and a comprehensive view of the topic, our entire team, as well as the consultants from CBRE for introducing the parties involved.” added the CEO of Immocap.
In more than 30 years on the market, Immocap has profiled itself as a top expert in the creation of low-energy and technologically advanced office buildings that meet the strictest ESG criteria. As part of its projects, it builds headquarters for major multinational companies such as DELL, Henkel, Orange, ZSE. The transaction includes an agreement between the partners that Immocap will remain the property manager of The Mill building and at the same time has also expanded its property management services to the Forum BC and Park One buildings from the Reico portfolio. In addition, Immocap is also the manager of the Cubus building, which is currently DELL’s headquarters.
The Mill building, with a leasable area of more than 25,000 m2, attracted attention on the Slovak market not only with its captivating design and bright white façade, but also with victories in professional competitions and commercial success. The building is fully leased and was already at the time of the final approval, i.e. before the tenants themselves moved in. The Mill has won a number of firsts in professional polls: Absolute winner of Building of the Year 2024, 1st place in the Best Office Development of the Year category of the prestigious CIJ Awards 2023, winner of Office of the Year 2023 and 2024, or a narrow nomination for CE ZA AR 2024.
The Mill / Tomáš Manina
About REICO IS EAM
REICO investment company Erste Asset Management, a.s. (REICO IS EAM) was founded in 2006. For almost 20 years, it has been one of the leading providers of services in the field of real estate investments, investment instruments in capital markets and asset management in funds. In the Central European (CE) region, it manages assets worth more than 55 billion Czech crowns (Czech Republic, Poland and Slovakia). Their clients include both small and significant institutional investors.
The REICO LONG LEASE fund was opened in May 2021 and focuses on buildings with long-term leases and creditworthy tenants. It is intended as a supplement to the investment portfolio, especially for conservative and medium-dynamic investors who want to increase the share of their real estate component. At the moment, the fund owns eight properties, three of which are in the Czech Republic, three in Poland and two in Slovakia.
About IMMOCAP
The story of Immocap began more than 30 years ago. The vision of the founder, Peter Lukeš, to create a quality team of people who will help define the new face of the capital of Slovakia, began to be gradually fulfilled by specific projects. Immocap was an important partner in the creation of the business zone on Plynárenská Street with projects BBC III, IV and V. Immocap overcame the difficult period during the Covid-19 pandemic by successfully completing the Lakeside Park 02 office building with full occupancy at the time of approval. The ability to approach the creation of the city with a long-term vision has also proven to be key on the Mlynské nivy Boulevard. Immocap projects such as The Mill, the Millhaus residential building, or the multifunctional project The Pulse are in the heart of the future 15-minute city on Mlynské nivy.
The developer also sees great potential in the Trnavské mýto area and is gradually revealing it. Immocap entered the lucrative address with the construction of the Central shopping center together with a hotel and an administrative tower – the headquarters of Orange. In cooperation with the Municipality of the capital, the Trnavské mýto Underpass has revitalized and quite naturally continues with the city-wide transformation of the zone with the project of the new Istropolis. The new cultural and social hall will become not only an icon of the city, but also the center of cultural and social life. Bratislava’s downtown will enrich Immocap with a new headquarters for ZSE, the first carbon-neutral office building in the country. The design apartment building on Bottova Street will redefine the perception of “quiet luxury” for a high standard of living. Thanks to the gradual fulfillment of the vision of its founder, Immocap has developed into a leader in the field of sustainable and technologically advanced real-estate development in Slovakia.
Thanks to the work of a whole team of specialists, it was possible to design its own, original approach Immocap co.re®, which redefines the framework of what the general public perceives under the acronym ESG. Sustainability, consideration and innovation are combined into concrete projects that simply bring better space for work, living and living in the city.