News Article bank Bratislava Immocap loan office Slovakia Wood & Company
by Property Forum | Office

The Lakeside Park 02 project, developed in Bratislava's Nové Mesto area by Immocap and WOOD & Company, received construction and investment financing from Slovenská sporiteľňa in the amount of €24 million.

"This is great news for the Lakeside Park 02 project, as well as for the office market. The demonstration of the bank's confidence is a confirmation that our project meets the parameters of institutional quality, and at the same time dispels concerns and doubts about whether new office projects still make sense at the time of the pandemic," said Daniel Mäsiar, CFO of Immocap.

The multifunctional project will feature of ​​14,370 sqm of office space on 12 floors, with the area of ​​a typical floor reaching over 1,200 sqm. The Lakeside Park 02 project is currently in the construction phase, which began in February 2020 and is scheduled to be completed in the first quarter of 2022. The building will be LEED certified at the Gold level.

The project is the result of cooperation between Immocap and WOOD & Company, which are involved in the development as well as the leasing process, in synergy with the neighbouring Lakeside Park 01 office building.

"Based on the daily communication with tenants we feel that they expect to return to the office. A stable workspace is important for companies not only in the interest of preserving the corporate culture, but also maintaining work productivity and team spirit. We are pleased that banks providing project financing perceive this issue similarly," added Martin Šmigura, Investment Director of WOOD & Company.

Bartošík Šváby provided legal advice on concluding the loan agreement for Immocap, while Slovenská sporiteľňa was represented by and Dentons Bratislava.