However, the actual transaction between MiddelCap Group and Revgama Limited was preceded by a complicated solution of contractual and ownership relationships to the land in question, which still includes the infamous skeleton of the former OD Ružinov.

Out-of-court settlement

Even though the Cypriot company Revgama Limited, a subsidiary of Slovak Doprastav, was the owner of the building and land under the former Ružinov department store since 2017, lawsuits prevented anything new from happening with the project. However, a major change in 2018 was brought only by the negotiations on an out-of-court stakeholder agreement. At the end of 2018, it took real contours and was finally closed. The skeleton of the former department store has been bothering Ružinov for more than a decade. Indeed, the financial crisis and, in particular, litigation have postponed the solution to this problem. It visually depreciates the location around the busy Tomášikova Street. The possibility of definitively removing the black spot on the map of this Bratislava district is provided by an out-of-court agreement between the current owner, Revgama Limited, and companies from the portfolio of entrepreneur Ivan Líška, the original owner of the project. By agreement, both parties concluded all legal disputes and Revgama became the rightful owner of the building and the land of the former department store.

“Our aim was to solve problematic issues fairly and reasonably quickly in order to unblock the disputed area with the construction. We believe that Ružinov has never been so close to taking steps that will bring a completely different quality of life into this space,”said Ján Brodenec, Doprastav spokesman, clarifying relations for TREND.

“I am glad that with Revgama we have found a common ground under long months of negotiations. I believe that both sides were also motivated by an effort not to traumatize the inhabitants of the capital. I firmly believe that whether the project on Tomášikova Street will be carried out by the current owner or a new investor, there will be something that will help the city district and significantly improve the quality of life for the Ruzinovians,” Ivan Líška, Chairman of Yosaria Plaza. As the TREND states, once the two parties have agreed, the premises changed ownership. He had already known this dealer since MiddleCap Equity Partners was dedicated to crisis management in the restructuring of Doprastav.

International Architectural Competition

“In the next few days we will start working on the preparation of documents for the international architectural competition. We assume that the assets will not be available sooner than within six months. What we can say today for sure is that we have a clear interest in having a top architectural firm with a wealth of international experience give the basic design of the project. Undoubtedly, we are interested in a sustainable project that will bring the site a significant improvement in the quality of life, while respecting the valid land-use planning regulations, ”said Tomáš Jurdák, partner of the MiddleCap Group real estate division.

With this acquisition, the group will also rank among the more significant development groups. It was created only last year. Holding of entrepreneur Miroslav Výboha Mayfair Assets Ltd. has partnered with MiddleCap Equity Partners, a renowned restructuring firm for Sibamac and Doprastav. They created the investment advisory and real estate holding MiddleCap Group based in Luxembourg. Already at that time they indicated that they would seek new opportunities in the real estate market.

Source: TREND © 2019 News and Media Holding