Westend Tower has been acquired by Amigal Group

WOOD & Company has sold the Westend Tower office building in Bratislava, marking the first sale in its WOOD & Company Office Subfund portfolio and signaling a recovery in the commercial real estate market. Since its launch in June 2017, the fund has built a diversified portfolio of premium office properties in capital cities across Central and Eastern Europe.

Westend Tower is an 18-story office building located in the Westend Business District (WBD) near the city center of Bratislava, Slovakia. The asset offers 8,400 m² of rentable B+ grade office space, including a flexible office concept that accounts for 24% of the total leasable area. The vendor has invested over US$2.05 million (€2 million) in capital improvements since 2017. Positioned near major motorway connections (D2) to Vienna, Prague, Brno and Budapest, the building is easily accessible by car and public transport, with a nearby transit stop. As of August 2024, Westend Tower maintains an occupancy rate of nearly 90%.

Amigal Group has over 20 years of experience in leasing, asset management and the disposal of commercial real estate assets across Slovakia and the Czech Republic.

WOOD & Company Office Subfund is part of the WOOD & Company SICAV Fund structure, domiciled in the Czech Republic. It is one of the dominant market leaders in the commercial real estate sector across Central and Eastern Europe (CEE), with a portfolio of over 410,000 m² of gross leasable area (GLA) across 15 commercial properties throughout the Czech Republic, Poland and Slovakia. The fund’s prime assets include the Aupark shopping center and the nearby Aupark Tower office building, both located in Bratislava. The fund’s strategy focuses on acquiring well-positioned commercial real estate, including offices, retail and logistics assets in established locations across the capital cities of the CEE. The SICAV structure is regulated by the Czech National Bank.

"The sale of Westend Tower confirms our ability to value assets even in a challenging market environment. We are happy that during the seven-year period of owning this property, we delivered the targeted return to our investors. The exit also confirmed the accuracy of our asset valuations," said Martin Šmigura, local partner at WOOD & Company.

Oaklins’ team in Slovakia advised the seller in this transaction.