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BRATISLAVA, SLOVAKIA-The Stein Brewery, which sits on four acres in the city center here, has been acquired for redevelopment by Orco Property Group, a Luxemburg-based development company with a history in Slovakia. The company plans to build a modern mixed-use complex on the site that will include condominiums and possibly, a hotel.

Orco senior vice president Ales Vobruba says the project is in its infancy because the site’s redevelopment will require a change of the zoning for the site. Meantime, the brewery will continue to operate, though eventually the plan is to sell or relocate it to the suburbs.

“We think that manufacturing should gradually recede from city centres to suburban areas,” Vobruba says. “It will take some time (to change the zoning) and until then, the Stein beer brewing plant will remain in its original place. As we do not run brewery business, it is not our intention to operate the brewery, but hand it over to professionals.”

Orco did not reveal the purchase price of the property and it was not otherwise immediately available. In a prepared statement, the company estimated the value of the land at $26 million (euros 20 million).

Orco Property Group is a public company listed on both the Euronext and Prague stock exchanges. It operates primarily in the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Its portfolio includes IPB Real, MaMaison Hotels & Apartments, Orco Real Estate, and other retail properties.

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