MiddleCap Advisory has successfully completed another M&A transaction. This time we were behind the acquisition of Blumental Offices, an office complex in Bratislava’s Old Town, which has wound up in the portfolio of a real estate fund run by the Czech investment company ZFP Investments.
The open-end mutual fund ZFP realitní fond, otevřený podílový fond, ZFP Investments, investiční společnost, a.s., managed by ZFP Investments, has purchased 100% stakes in BLUMENTAL OFFICE I, s.r.o., BLUMENTAL OFFICE II, s. r. o., and BLUMENTAL PROPERTY, s. r. o. Together, these companies own the Blumental mixed-use office complex located in Bratislava’s Old Town. The seller was Corwin, a Slovak developer group that operates primarily on the Slovak and Slovenian markets.
“We are honoured that ZFP Investments appointed us as its main adviser for the purchase of Blumental Offices. Both the buyer and the seller were assisted by companies boasting a long-standing formidable reputation and experienced teams of consultants, which went a long way to smoothing the entire transaction,” said Martin Proksa, Head of Private Equity MiddleCap, who led the buyer’s team of advisers in the purchase of the office building.
The MiddleCap team of advisers was led by Martin Proksa in partnership with Petr Panáček and Petr Bukáček. Havel & Partners provided legal services, KPMG handled tax and financial advisory services, and Grinity conducted technical due diligence on behalf of ZFP Investments.
“We are happy that by closing the transaction, our client acquired an administrative building in the heart of Bratislava, which was built according to the highest standards in the field of sustainability and thanks to which Blumental Offices received one of the most important certifications for sustainable buildings, LEED GOLD.” adds Petr Panáček.
“We at ZFP Investments are very pleased to have the opportunity to further expand our portfolio of Class A office buildings. Blumental Offices ticks all the prime real estate boxes and is a perfect fit for our diversified portfolio. The building is ideally located, features high-end technology, offers a pleasant and flexible working environment, is modern, and places a premium on greenery and public space. We have every confidence that such a quality building with reputable tenants will deliver a prosperous future for our clients.” added Peter Lukáč, vice-chair of the board of ZFP Investments, investiční společnost, a.s.
Blumental Offices, an office building situated in Bratislava’s Old Town and a short distance from the Račianske mýto transport hub, was completed in 2018 and offers more than 21,000 m2 of lettable space over twelve floors. Blumental Offices is a premium-category office building that has been awarded LEED Gold certification. The largest companies occupying this new building in the ZFP Investments portfolio include Zurich Insurance Company Ltd., the Slovak Banking Association, TPA AUDIT, s.r.o. and P3 Logistics.