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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

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Bratislava, November 12, 2018

MiddleCap sold to the First Real Estate Fund managed by IAD Investments an office building that grew up on the premises of the former Stein brewery in Bratislava. This acquisition is one of the largest real estate transactions in Slovakia in 2018. It is a project with more than 12,000 m2 of administrative and commercial premises, which will thus be added to the real estate portfolio of the First Real Estate Fund, o.p.f.

The project and subsequently also the development of the mentioned object was realized by MiddleCap Real Estate Ltd. through the subsidiary AMW Development a.s. At the end of 2015, the company bought the land from YIT Reding with the aim of building administrative and commercial premises.

MiddleCap Real Estate Ltd., owned by Miroslav Výboh, got the authorised approval of administration building of the multifunctional complex NEW STEIN at the end of 2017 and the first tenants moved to the new administrative premises in March 2018. Currently, the largest tenants are the international companies Deutsche Telekom Services Europe and Lucron Group. The building is located at the crossroads of the streets Krížna and Legionárska. On seven floors, it combines mostly the administrative part with the premises for providing services (900m2) and 170 parking spaces. The new building meets strict environmental criteria and is in the process of obtaining the environmental certification LEED Gold. With the change of owner, the name of the office building is changed to STEINERKA Business Center. The aim is to build on the history of Krizna Street, which the inhabitants of Bratislava remember just as “Steinerka”

“The fact that we managed to conclude the transaction involving the sale of the building in a relatively short time, less than 10 months after final building operation approval, clearly shows the high standard of project processing and finalization. We are sincerely pleased that we have fulfilled our public commitment to quality, which we gave at the very beginning.” commented Matúš Výboh, Chairman of the Board of Directors of AMW Development.

“The NEW STEIN multifunctional office building, now the STEINERKA Business Center, is another valuable asset that diversifies our real estate portfolio. We expect this investment to help us to stabilize and possibly increase the positive performance of the fund, ”states Ing. Vladimír Bencz, Chairman of the Board of Directors of IAD Investments, spol.

“The purchase of a newly-built office building brings to the portfolio of the First Real Estate Fund, o.p.f. another new quality real estate in an attractive location of Bratislava. Together with the above-mentioned tenant structure and the above-standard length of lease contracts, the acquisition represents strong potential for the appreciation of the asset,” said Mgr. Vladimír Bolek, Member of the Board of Directors of IAD Investments reports. spol., a.s. responsible for managing real estate investments. On the seller’s side, MiddleCap Advisory provided complete transaction advice. IAD Investments, správ. spol., a.s. he was represented by the team of CMS, the financial and tax consultancy was provided by Deloitte and the technical consultancy was provided by Sentient ČR.

General information about MiddleCap Real Estate.

MiddleCap Real Estate (formerly Mayfair Assets) is part of MiddleCap Group, S.A., an established investment and consulting firm based in Luxembourg with offices in London, Bratislava, Prague, Dubai and Monaco. It was established in 2018 by the merger of MiddleCap Equity Partners, a.s. and Mayfair Assets Ltd. Partners of the newly formed business group MiddleCap Group, S.A. are Miroslav Výboh, Matúš Výboh, Matej Majerčák, Roman Guniš and Michal Kviečinský.
The Group provides a full range of financial advisory services, acts as a long-term real estate investor and actively seeks opportunities with hidden investment potential in private equity, venture capital and capital markets.
Over the past three years, the company has provided transactional advice in excess of 800 million euros. The total volume of real estate projects carried out so far exceeded EUR 110 million. More information: www.middlecap.com

Basic information about IAD Investments, reports. spol., a.s. and First Real Estate Fund o. p. f.

IAD Investments is the oldest independent Slovak management company. It has been providing financial services to individuals and corporate clients in Central European countries since 1991. Within its European operations, it manages assets in Slovakia, the Czech Republic, Hungary and Slovenia, totalling more than EUR 800 million. EUR. First Real Estate Fund o. p. f is the oldest mutual fund in Slovakia and the Czech Republic, which invests in real estate market assets. Its portfolio consists of investments in various classes of real estate assets – real estate (offices, logistics, retail, etc.) and in the long term brings positive performance to investors with the potential for long-term growth in the value of assets.

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Holding of entrepreneur Miroslav Výboh Mayfair Assets Ltd., recently active in real estate projects in Bratislava, has merged with consulting company MiddleCap Equity Partners by renowned restructuring Sibamac or Doprastav or auctioning of former Stein brewery. They created the investment advisory and real estate holding MiddleCap Group based in Luxembourg.

The new holding will focus on seeking new opportunities in consulting, the real estate market, venture capital and venture capital markets. The Group intends to strengthen its venture capital business considerably by investing more than € 10 million in new business and start-ups in the Central European region over the next three years.

The first new joint holding real estate project is the construction of a 14-21 Rushworth Street office building in Blackfriars, central London, with an estimated investment of up to £ 60 million. After the completed acquisition of the land with a valid permit, the project will enter the implementation phase in the coming months. The partner responsible for the real estate division is Tomáš Jurdák, who started the expansion of HB Reavis in London six years ago.

The merger process, lasting ten months, was contractually concluded at the end of June. Partners of the newly formed business group MiddleCap Group, S.A. are Miroslav Výboh, Matúš Výboh, Matej Majerčák, Roman Guniš and Michal Kviečinský. Formally, the merger will be completed by entry in the Luxembourg Commercial Register within the next few weeks. “This merger increases our potential for investment impact on new projects, opening up new markets primarily in European space, while improving our position in raising new capital,” comments Matej Majerčák, one of the partners and CEO of MiddleCap Group, S.A.

“For a long time I watched the work of people around Mr Majerčák, Guniš and Kviečinský, also in the context of my son Matúš working with MiddleCap Partners on several projects. In recent years, the company has been among the top Czechoslovak advisory and investment leaders and represents a strong group in terms of expertise, creativity and talent, ” adds Miroslav Výboh. This cooperation includes, for example, advice on the purchase of the premises of the former Stein brewery, which was purchased by MiddleCap’s DreamField Property at auction. While the residential part is being realized by YIT Slovakia, the office building was recently completed by AMW Development from Mayfair Assets, which is currently reconstructing the only listed part of the brewery, the Spilka Building.

Miroslav Výboh built his armaments business, later began investing in real estate and consolidated his activities in Mayfair Assets Ltd. based in London. Another current real estate project of the Výbohov family is the reconstruction and reconstruction of the former protected palace of the Chamber of Commerce and Industry on Gorky Street in the historical center of Bratislava.

MiddleCap was particularly successful in the restructuring of large construction companies Sibamac and Doprastav. Also participated in the restructuring of the owners of the Falkensteiner and Park Inn Danube hotels. The company also advised companies such as UPC, Matador, Penta Investments, as well as ministries and state institutions.

In the real estate area, MiddleCap was an advisor to sale transaction of the construction company Reding to Finnish YIT, as well as the sale of administrative towers of the same developer Reding Tower I and II. MiddleCap also advised on the sale of Twin City A, Laugarício shopping center in Trenčín and commercial real estate in the Czech Republic.

The combined MiddleCap Group represents transaction advisory services in excess of EUR 800 million over the past three years. The total volume of real estate projects so far exceeded EUR 110 million.

Source: www.trend.sk