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Koreans buy Twin City Tower

Alex Hayes 12 June 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Koreans buy Twin City Tower
Google has its Slovakian HQ in Twin City Tower in Bratislava
SLOVAKIA London-based real estate investment manager Valesco together with Seoul-based AIP Asset Management have purchased the Twin City Tower office building in Bratislava’s Nové Nivy district for EUR 120 mln with South Korean capital.

The complex was sold by developer HB Reavis and is principally leased to Amazon. It was completed at the end of 2018 and is already 100 pct leased. The purchase price represents an acquisition yield of 5.75 pct.

The 23 storey office building has three underground levels and 34,752 sqm gla including 1,360 sqm of retail. The purchase represents the first appearance of Korean capital in the Slovakian market.

"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,” says Shiraz Jiwa, the founder and CEO of The Valesco Group, commenting on the deal

“The Nové Nivy zone in Bratislava is a showcase of our strategy of offering necessary scale and delivering not only quality developments, but also value-added services and content. Twin City Tower was among the first projects in the area and fully leased months before its opening. Our Workspace as a Service strategy is becoming a reality thanks to the already existing business ecosystem of attractive tenants ranging from freelancers, through start-ups and scale-ups to large corporations,” added Marian Herman, the group CEO of HB Reavis.

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