After a year full of new investments Allianz Real Estate has successfully acquired 100 percent of the shares of the company owning "Central Shopping Center" in Bratislava by the end of the year 2015. The seller is a company of IMMOCAP group, a Slovakian real estate development company. The investment amounts to ca. €175 million. It is the first real estate investment of Allianz in Slovakia.
"Central" is one of the dominant and best performing shopping centers in the city center of Bratislava. It is part of the New Town district and benefits from a large and affluent catchment area with positive development due to ongoing constructions of new residential units. In terms of public transport, various stations are in the immediate vicinity.
Central Shopping Center (Source: IMMOCAP)
Central Shopping Center was opened in October 2012 and comprises a total of ca. 40,000 square meters of lettable area, of which ca. 31,500 square meters relate to retail uses. Another ca. 2,300 square meters relate to a gym and a 2,500 square meters to gastronomy uses. The center is leased to many well-known international brands, including Armani, Diesel, Gant, L'Occitane, Mango, New Yorker and different brands of the Inditex Group.
The shopping center has 3 trading levels plus one upper floor where the food court, the gym and a roof terrace are located. A 3-storey parking garage with 1,300 parking spaces is located underneath the property. ECE is responsible for the center management of the asset.
"Our investment into Central Shopping Center is again an important step to a further diversification of Allianz´ real estate portfolio and to expand our investments in retail assets," said Annette Kröger, CEO of Allianz Real Estate Germany. "At the same time it is an attractive opportunity to get exposure to the Slovakian market."