Despite an increasing vacancy rate in the office market reaching 14.2 per cent and sale stagnation in the residential segment in 2023, the Alto Group has now announced a net consolidated profit after tax of €8.5 million.
The Alto Group represents companies that deal with the construction, investment and operation of real estate in Bratislava. An annual report was recently published and describes in detail the financial results of the group, as well as Alto's other activities in the past year.
The company's total consolidated assets reached €679 million and equity, according to EPRA standards, was valued at €292.5 million. The company was able to eliminate the sharp increase in market revenues and the consequent decline of the office building market amounting to 12 per cent with a suitable anti-cyclical strategy. "We consider the slight 3.75 per cent decrease in the value of the portfolio of office buildings to be an excellent result. On the other hand, the market value of our development portfolio increased by 20.3 million euros," states Rastislav Valovič, CEO at Alto.
Alto created a strategic partnership with Tatra Asset Management to manage a portfolio of office buildings. "In total, the company manages more than 138,000 sqm of office and related retail space, of which approximately 14,000 square meters were leased last year. The majority of this volume was represented by contract extensions of existing tenants," Rastislav Valovič points out.
Alto sold 44 apartments in Sky Park 4th tower for almost 26 million euros, the tower was officially approved for use at the beginning of 2024. According to data from BuiltMind, Sky Park was one of the best-selling projects last year. The company continues the construction of the Sky Park Tower and Florian Residence projects.
