Property Investment company Atlas Estates has sold a 28.25% stake in a joint venture which owns the Nove Vajnory Project in Bratislava, Slovakia to its Slovak partner Eastfield for EUR 7 mln. As a result of the sale, Atlas will hold a 50% stake in the Nove Vajnory Project.
Property Investment company Atlas Estates has sold a 28.25% stake in a joint venture which owns the Nove Vajnory Project in Bratislava, Slovakia to its Slovak partner Eastfield for EUR 7 mln. As a result of the sale, Atlas will hold a 50% stake in the Nove Vajnory Project.
The sale price was based on an agreed project value of EUR 46.5 mln. Atlas said it plans to rezone the Nove Vajnory project with Eastfield and develop it into a mixed-used development with about 4,000 apartments and 600 serviced plots.
The Nove Vajnory Project is on a 878,800 m2 plot of land, located in the suburbs of Bratislava. The site was previously an airfield and is zoned for sport and recreation. Quentin Spicer, chairman of Atlas Estates, said: 'This transaction reinforces the value of the investment and supports the strategic alliance of Atlas and Eastfield.'
Eastfield and Atlas also jointly own the Basta project in Kosice, Slovakia.
