X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.