“Commercial real estate has rebounded from the price bottom and will not be cheaper in the current new investment cycle,” says Rudolf Nemec, Head of Capital Markets Cushman & Wakefield Slovakia.
Investment activity in the field of commercial real estate was still subdued not only in Slovakia, but also elsewhere in Europe in the first half of 2024 due to the market situation - falling property values, high interest rates, limited liquidity and a general feeling of uncertainty, which had a negative impact on cross-border investment activity.
However, the second half of 2024 brought a fundamental market recovery to Europe and Slovakia, stabilising property prices and the return of mainly local investors to the scene. Slovak and Czech investors were responsible for up to 65% of the investment volume in Slovakia in 2024. The end of the year brought a fundamental turnaround with the growth of investment activity and interest from foreign investors, including global player Blackstone, who accounted for the remaining 35% of investment volumes.
“However, 2025 should bring greater investor confidence and diversification of capital, especially from the Central European environment. On the other hand, global capital and investors from Western Europe are showing caution towards Slovakia, while increasingly and openly pointing to the country’s foreign policy direction and the government’s steps negatively affecting the investment environment,” adds Nemec.
TPG x BLACKSTONE: Megatransaction of the year
The biggest event of the year was the sale of the Czechoslovak portfolio of Contera logistics parks, owned by the American company TPG. The new owner will be Blackstone, the largest global alternative investment manager. The transaction includes three logistics parks in Slovakia – in Rača, Svätý Jur and Mali Šariš, and other logistics parks in the Czech Republic. The €470 million sale was the largest logistics real estate transaction in Europe in the past year. Cushman & Wakefield brokered the transaction in record time.
VGP x AREIM: Swedish capital in Triblavina
Swedish investment fund Areim has acquired a 50% stake in a joint venture with European developer VGP. The partnership includes ownership of ten logistics parks in Germany, the Czech Republic and Slovakia with a total area of 450,000 m², equivalent to 63 football pitches. In Slovakia, the transaction included the VGP Triblavina logistics park on the D1 motorway, which currently houses four industrial halls. The total transaction value reached €500 million.
ASSECO x ERSTE: GBC V office building in Bratislava
The sale of the GBC V office building on Galvaniho Street, which serves as the headquarters of Asseco, to an investment fund from the Erste Group (Slovenská sporiteľňa) represents a significant step in the office space market in Bratislava. This is the first major transaction of a modern office building in Bratislava in the last year, indicating a revival of the investment market in this segment.
PATRIA x KLM: Retail parks in Zvolen and Bytča
The Czech investment fund Patria, part of the ČSOB group, has acquired two newly built retail parks in Zvolen and one in Bytča from the Slovak developer KLM Real Estate. Patria had previously entered the Slovak commercial real estate market when it bought an industrial park from the developer Garbe in Piešťany for its portfolio at the beginning of the year. It was similarly active in the Czech Republic, where it bought 2 retail parks and an industrial park.
PANATTONI x ACCOLADE: Logistics Park Košice
Czech investment fund Accolade has acquired the remaining 50% stake from Panattoni in two industrial buildings near Košice Airport, with a total area of 36,000 m2. The buildings with the highest level of green certification are fully leased by international logistics companies. The transaction confirms the growing importance of sustainability in the Slovak real estate market, as well as the increasing interest in eastern Slovakia.
Bonus - WOOD & CO. and TAM x URW
In 2024, the three-year process of acquiring the Aupark Bratislava shopping center was completed - the largest real estate transaction in history, valued at 450 million euros. In the second half of last year, the last, 13% stake in Aupark Bratislava was purchased from Unibail-Rodamco-Westfield by Wood & Co. and Tatra Asset Management.
Source: Cushman & Wakefield
