The Austrian property fund Sparkassen Immobilien AG, managed by Immorent, purchased the Lindner Office Project in Bratislava from the Lindner Group for about €30 million in December 2004 and work is underway on a second stage of the office development.
Phase 2 of approximately 12,000 m² should be completed around August of this year, said Tim Hulzebos, Director of International Business at DTZ Central & Eastern Europe, which advised Sparkassen Immobilien AG. In this instance, we were able to marry up a very good property opportunity with a client who was looking for exactly this type of product, he said.
The Lindner Office Project comprises two offi ce buildings the first, of 10,000 m², is fully let with the main tenant Hewlett Packard, the second is 12,000 m², according to Roman Loebsch of Immorent.
Both of the buildings are located in the fast-growing area around Bratislava airport, close to the ring road and highway and opposite the Avion Shopping Centre.
We are delighted with the acquisition of the Linder Office project, Holger Schmidtmayr, Managing Director of Sparkassen Immobilien AG, said. It is a very good product with excellent tenants in an established location, close to the airport and with good connections to the business centre of Bratislava. We are confident that the second building will also lease up quickly and therefore we were prepared to purchase both buildings in one transaction. Bratislava is becoming an increasingly promising location and we are very pleased to add this product to our portfolio in the fund.
The most sought-after location in Bratislava for offi ce space continues to be Staré Mesto, the old town, which represents more than a half of the total stock of office space, followed by the Petrzalka, Nove Mesto and Ruzinov districts. But despite recent office project completions in Bratislava, the city suffers from a lack of true Class A office space.
Rental levels for Bratislava office space range from approximately 8.5-17 m²/month, with the average rental level being approximately 13.5 m²/month for well situated Class A premises. very good product with excellent tenants in an established location, close to the airport and with good connections to the business centre of Bratislava. We are confident that the second building will also lease up quickly and therefore we were prepared to purchase both buildings in one transaction. Bratislava is becoming an increasingly promising location and we are very pleased to add this product to our portfolio in the fund.
The most sought-after location in Bratislava for offi ce space continues to be Staré Mesto, the old town, which represents more than a half of the total stock of office space, followed by the Petrzalka, Nove Mesto and Ruzinov districts. But despite recent office project completions in Bratislava, the city suffers from a lack of true Class A office space. Rental levels for Bratislava office space range from approximately 8.5-17 m²/month, with the average rental level being approximately 13.5 m²/month for well situated Class A premises.
Source: Europaproperty
