November 24, 2015

Slovak capital market in Q3 2015 – €170 million transacted, industrial investment market the most active

Slovak capital market in Q3 2015 – €170 million transacted, industrial investment market the most active

Continuing growth of Slovak economy and strong market confidence is being reflected in the real estate capital market in Slovakia also in Q3 2015.

“As of Q3, the investment volume in 2015 in Slovakia marks approximately €170 million. We expect the final volume of transactions by the year end to be at €370 million with the possibility of being significantly higher, should certain deals close before the year end,” said Miroslav Barnáš, Managing Director and Head of Capital Markets at JLL Slovakia. 

As predicted, the industrial market is currently the most active and has been through the whole year. During H1 2015, three deals were successfully closed. The third quarter saw the sale of DNV Logistics Park to CTP Invest, now named CTPark Bratislava and the sale of Immofinanz´s industrial portfolio to Logicor, an industrial platform owned by Blackstone. The deal included LogCenter in Nové Mesto nad Váhom. We expect closures of two other major industrial transactions until the end of the year and see potential for number of portfolio transactions in 2016.

Office investment volumes are expected to increase by the end of 2015 as at least two office transactions are scheduled for closing. Even though the retail sector is considerable behind the very strong results of last year, we are witnessing an increasing investors interest in Slovak retail in both, prime shopping centres in the capital as well as in smaller regional schemes across the country. During Q3 Tulip Center, a smaller regional shopping mall was sold by Pramerica to Luxembourgian entity financed by Israeli capital.

In Q3 retail yields for best in class products dropped from 6.75 to 6.50 percent. Other sectors – offices (7.00 percent) and industrial, logistics and retail warehousing (8.00 percent) stood at the same levels as in the previous quarter. In alignment with the market situation, yields have been already lowered through the year and are set for further compression in Q4 and going forward.

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