WOOD & Company has announced the sale of the Westend Tower office building in Bratislava. This transaction is the first sale of an office building within the WOOD & Company Office Subfund portfolio and a signal of recovery in the commercial real estate market.
The Westend Tower building, which has been part of the WOOD & Company portfolio since June 2017, has been sold to Amigal Group. It is the first asset that became part of the WOOD & Company Office portfolio of the sub-fund and at the same time the first building sold by this financial group.
Martin Šmigura, Local Partner at WOOD & Company, commented: "The sale of Westend Tower confirms our ability to value assets even in a challenging market environment. We are happy that during the 7-year cycle of owning this property, we delivered a targeted return to our investors, and the exit also confirmed the correctness valuation of our assets."
The leasable area of Westend Tower is 8,418 sqm, and the building offers 549 parking spaces. Flexible office space occupies 24% of the total area. The building has a current occupancy of 90%.
Amigal Group is a company with more than 20 years of experience in the field of rental, sale and management of commercial real estate in Slovakia and the Czech Republic.
