Valesco Group, a London headquartered European real estate investment manager, along with AIP Asset Management, a Seoul headquartered asset manager, have exchanged contracts to acquire Twin City Tower office building in Bratislava, backed by South Korean institutional capital, for €120 million, making this one of HB Reavis’ largest transactions on the Slovak office market. The purchase price reflects an acquisition yield of 5.75 percent. The transaction represents the first South Korean investment in the Slovak real estate market.
The majority tenant of Twin City Tower is the American technological company Amazon. The British John Robertson Architects and the Slovak atelier Siebert + Talaš are responsible for the design concept of the elegant high-rise. The design of the building with its copper cladding reflects the history of the zone and the previous area of a cable factory. It is the only project in Slovakia aspiring for BREEAM Outstanding and WELL certification.