Kinstellar and Ashurst advise AIP Asset Management and The Valesco Group on the first South Korean real estate investment deal in Slovakia
June 2019 – Kinstellar and Ashurst have recently advised AIP Asset Management (AIP), a Seoul-based asset manager, and London real estate investment manager The Valesco Group (Valesco) on the EUR 120 million acquisition of the newly developed landmark Twin City Tower in Bratislava from HB Reavis.
Located in the Nove Nivy zone, a core location in Bratislava’s new central business district, the building was completed at the end of 2018. Already 100% let, the 23-storey office tower with three underground floors offers 34,752 m² of high-spec space, including a roof top garden and panoramic views. The development includes 1,360 m² of retail and 456 car parking spaces.
Amazon is the principal tenant with a long-term lease at Twin City Tower, where it operates a regional HQ to run its management functions for Central Europe. The building is located in an area of the city that has become the focal point for new development and offers flourishing business environment, with other tenants in the immediate vicinity including Swiss Re, SAP, Bayer, Compass Group and PwC.
Valesco originated the asset off-market, and the transaction represents thefirst real estate investment backed by the South Korean capital in Slovakia.
Shiraz Jiwa, Founder and CEO of The Valesco Group, comments: “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. Furthermore, we are seeing substantial blue-chip corporate migration to the City and an influx of international capital attracted to the investment thesis. Being only a 40-minute drive from Vienna, but with a very different yield profile of almost 300 basis points, this offers the opportunity for investors to benefit from a pricing dislocation play, whilst the fundamentals underpinning the income are very attractive. It is particularly pleasing to be adding Amazon to our growing portfolio of coveted tenants.”
The Kinstellar team in Bratislava was led by Viliam Myšička (Partner) and consisted of Roman Oleksik (Partner), Vladimír Polička (Managing Associate), Dominika Bajzáthová (Senior Associate), Michal Hrušovský (Senior Associate), and Dáša Labašová (Associate).
For more information please contact Viliam Myšička, Partner, at .
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