According to press release, Orco acquired Stein Brewery in Slovak capital Bratislava on December 20, 2006. Orco plans to build multi-purposes complex consisting of residential and retail units and most probably a hotel. The total area is 1.6 hectares and estimated real estate value is EUR 20m. Orco does not intend to operate brewery in the future, but plans to relocate and sell it.
Our view:
The property is located in a prime address in the city centre and we believe that the investment is promising in a long-term horizon. Orco is focusing on projects with big re-development potential. Note that this project seems to be similar to Prague’s Bubny, what company bought last year and also plans to build multi-function area there.