Slovak developer Corwin has sold the Blumental office centre in Bratislava to Czech real estate fund ZFP realitní fond. With more than 21,000 sqm of lettable area, it is one of the largest Bratislava office transactions of 2022. The price of the acquisition has not been disclosed.
With 21,597 sqm of lettable area, Blumental comprises over 16,000 sqm of office space and almost 3,500 sqm of retail premises, laid out over twelve above-ground and two below-ground storeys. Among the tenants are mainly companies with a strong focus on ESG values, including Zurich Insurance Company, JLL, TPA Audit and P3 Logistics. Combined with its LEED Gold certificate, Blumental ranks among the most sustainable buildings in the country.
Savills provided the seller with commercial advisory services, with Dentons providing legal advice and Flatiron providing tax advisory services. For the buyer, MiddleCap provided transaction advisory services, Havel & Partners provided legal advice and KPMG provided tax and financial advice. Grinity provided technical advice.
Fraser Watson, Director of Investment Advisory at Savills CZ and SK, says: “We are honoured to have been selected by our client, Corwin, to assist them in the disposal of this world-class asset. The conclusion of this transaction at such a time in the market cycle reiterates that core assets with strong all-around fundamentals are sought after and tradeable and we take pride in having been involved in this successful disposal process. We would like to take this opportunity to recognise and appreciate the efforts of all professionals involved in making this transaction happen.”
Robert Mitterpach, CFO of Corwin, says: “When we first came to the site where Blumental would be built, it was an abandoned brownfield and a black mark on the map of Bratislava. Today, we hand it over as one of the most successful office projects in the country and a beating heart of the surrounding district. I am very proud to present this as our first divestment and a prelude to even more ambitious sustainable developments to come.”
Peter Lukáč, Vice Chairman of ZFP Investments, comments: “At ZFP Investments, we are excited to continue expanding our portfolio of “Class A” office buildings. Blumental Offices meets all the requirements for a premium property and perfectly suits our diversified portfolio. The building is excellently located and technological facilities are at a high level, it provides a pleasant and flexible working environment, is modern and at the same time emphasizes greenery and public space. We believe that this high-quality building with its highly reputable tenants will bring a prosperous future for our clients.”
