Investment activity in Slovakia rebounded in 2025, with total annual volumes reaching €967 million. This represents a cyclical peak and a clear outperformance of the long-term yearly average of approximately €700 million. Cushman & Wakefield advised on the majority of investment transactions, accounting for around 62 percent of the total investment volume.
- Industrial and retail assets dominated investment activity, while office investments remained subdued.
- Investor demand focused primarily on well-located value-add assets and properties offering stable income supported by long-term lease agreements.
- Capital sources varied by sector: industrial investments were driven by capital from outside the Central and Eastern Europe (CEE) region, retail by CEE-based investors, and office transactions predominantly by domestic Slovak investors.
“The increase in transaction activity followed a prolonged period of limited liquidity caused by high interest rates and misalignment in pricing expectations. While investor sentiment remains cautious, improved pricing alignment and continued capital allocations to CEE-focused strategies supported transaction execution,” explains Rudolf Nemec, Head of Capital Markets at Cushman & Wakefield Slovakia.
The year began with several large portfolio transactions, with investment momentum continuing into the second half of the year. A similar trend was observed in the Czech Republic, where total investment volumes in 2025 reached approximately €4.3 billion, more than double the five-year average and the highest level ever recorded.
In total, more than 50 commercial properties were sold in 2025, many as part of portfolio transactions, including 10 shopping centres changing ownership. Industrial assets led investment activity with a 46 percent share (€446 million), followed closely by retail at 43% (approximately €413 million). Office investments remained limited, accounting for 9 percent of total volumes, or around €87 million.
By capital origin, the industrial sector was dominated by non-CEE investors, primarily established global market players. Retail transactions were led by CEE capital, while office deals were largely driven by domestic Slovak investors. Overall, local investment funds (Slovak and Czech) contributed 50 percent of total volumes, with the remainder coming from international institutional capital, particularly from the US, Asia and the DACH region.
Key Transactions in 2025
Bory Mall
Penta sold Bory Mall in the largest transaction of the year, with the asset acquired by Czech investment fund ZFP Investments. The shopping centre offers 54,000 sqm of gross leasable area, comprises more than 200 retail units, and benefits from strong footfall and near-full occupancy. It is located in a dynamically developing urban district supported by the construction of thousands of new residential units and the recent completion of a major hospital in proximity.
Amazon Sereď
Global investment manager Manova Partners sold Amazon’s established logistics centre in Sereď. The facility is one of Amazon’s most important logistics assets in Europe and the only fully dedicated returns processing centre on the continent. The property offers stable and predictable cash flow secured by a long-term institutional lease and meets the highest sustainability and technical standards. The asset was acquired by Erste Realitná Renta, part of the Austrian ERSTE Group, expanding its portfolio previously focused on four office buildings.
VIVO! Bratislava
Investment company Wood & Company expanded its real estate portfolio through the acquisition of Polus City Center, now VIVO! Bratislava. The asset includes a dominant shopping centre, two office towers and land designated for future residential development. With this acquisition, Wood & Company now owns two key shopping centres in the Slovak capital.
Tesco Galleries Portfolio
Tesco Slovakia sold five retail galleries across Slovakia through a sale-and-leaseback transaction, transitioning from owner to long-term tenant. This strategic move enabled capital release while maintaining operations in key regional locations. Hungarian investment company Adventum Group acquired the centres in Dunajská Streda, Trnava, Nitra and Žilina, while a private Czech investor acquired the newest gallery in Bratislava’s Petržalka district.
Cromwell Portfolio
A portfolio comprising nearly 100,000 sqm across 11 buildings in Nové Mesto nad Váhom, Žilina and Košice, with direct access to major transport corridors including the D1 motorway, was sold by Stoneweg (Switzerland) to P3 (Singapore). The assets benefit from stable occupancy, strong tenant covenants and locations within established industrial parks.
Outlook
“In 2026, investment activity is expected to remain selective, with transaction volumes dependent on asset quality, alignment of pricing expectations and capital availability. While a gradual increase in investor confidence and further diversification of capital towards Slovakia is possible, risks stemming from macro-political factors persist,” concludes Rudolf Nemec.
