News Article Bratislava HB Reavis investment Metrostav Slovakia
by Property Forum | Investment

HB Reavis is going on in selling off its portfolio in Bratislava. Land in the neighbourhood of the Forum Business Center office complex has changed hands, reports

The land on the corner of Bajkalská and Prievozská Streets in the Ružinov district of Bratislava is known mainly because of the tower from the first stage of construction, which became the headquarters of Slovak Telekom. Already at the time of the completion of the first stage, the developer talked about the fact that the land is not fully used, so the continuation of the project was prepared.

In 2014 HB Reavis presented the second stage with a building with 13 above-ground and four underground floors, providing 16,000 sqm of rentable space and 286 parking spaces. Both stages of the project should have a common entrance. The developer tried to get all the necessary permits but encountered objections from neighbours and activists. Despite that, HB Reavis managed to get all the permits. However, it did not start execution. There were several reasons, including the COVID pandemic, which significantly changed conditions in the office market.

At the beginning of 2023, HB Reavis announced the ending of development activities in Slovakia. The group then started selling off its land. The first to come were the plots of land in the Mlynské nivy/Košická zone. They were bought by Alto Real Estate and Penta Real Estate.

The advantage of the land, on which the construction of the second stage of the Forum Business Center was prepared, is a valid building permit. The new owner could then build practically immediately. The plots belong to Pressburg Urban Projects, which until recently was a subsidiary of HB Reavis. However, the land owner already has a new shareholder, MTS SVK Development 09. It was founded in April 2022 and its sole partner is Metrostav Slovakia. Although mainly known as a construction company, it also has a relatively strong development division.