Hotel Krym
Refurbish, sell the apartments, keep the income.
- Role in the group
- Real estate · value-add, purchase price €12.5 million
- Stage
- Under contract
- Location
- Šafárikovo Square, Old Town, Bratislava
- 12.5€m
- Purchase price
- ~3,600m²
- Floor area of the building
- min. 15% p.a.
- Target net return
- 5years
- Investment horizon
The asset
A corner building with a cupola on one of the main squares of the old town
The listed corner building with its cupola stands on Šafárikovo Square in Bratislava's Old Town, with a tram stop at the door and functioning tenants at street level. The building has approximately 3,600 m².
The plan is value-add: refurbish, sell the apartments, keep the income. The purchase price is €12.5 million.
Uses
What the building will hold after refurbishment
Apartments for sale
The group's head office
A restaurant
A cellar bar
Shops
Sequence
Two phases, one outcome
| Phase | What happens in it |
|---|---|
| Phase 1 | Refurbishment and the sale of the apartments deliver the first profit to investors. |
| Phase 2 | Around year three an institutional buyer acquires the stabilised income-producing part — restaurant, shops and let space — and holds it for a further seven to eight years. Investors exit at that point. |
Source of value: the margin on the apartment sales plus yield compression on the income-producing part at the moment an institution buys it.
Structure
How the participation is arranged
- Purchase price
- €12.5 million
- Subscription
- Approximately €15 million
- Investment horizon
- Five years
- Target return
- At least 15% p.a. net
- Stage of readiness
- Under contract
What is not yet done
The book records the project at the “under contract” stage, not as an owned asset.
Refurbishment and the sale of the apartments are the first phase of the plan; the book states no realised figures for them.
The book does not name an institutional buyer for the income-producing part, and the acquisition around year three is not a signed transaction.
The €12.5 million stated is the purchase price, not a valuation of the building.
The target return of at least 15% p.a. net is neither a promise nor guaranteed; the fund has no performance history sufficient to project future returns.
The target return is a figure at project level. An individual investment share receives less, because the sub-fund prospectus (statut) applies a preferred return, splits the excess with the management shares and caps each class annually.
Overview
Key details
- Location
- Šafárikovo Square, Old Town, Bratislava
- Building
- Listed corner building with a cupola, approximately 3,600 m²
- Purchase price
- €12.5 million
- Uses
- Apartments for sale, the group's head office, a restaurant, a cellar bar and shops
- Target return
- At least 15% p.a. net
- Structure
- Subscription of approximately €15 million with a five-year investment horizon
The purchase price of €12.5 million is not a valuation of the property, and the portfolio figures in the book are not fully comparable with one another; they do not represent the fund's net asset value, which the administrator determines monthly. Expected returns are neither a promise nor guaranteed. A complete list of risk factors is set out in the prospectus (statut) of the relevant sub-fund.
The detail sits in the data room
Investment studies, contractual documentation and the data room are made available to qualified investors after an initial meeting and the signing of an NDA.