| Key Facts | |
|---|---|
| Location | Bratislava, Slovak Republic |
| Deal type | Asset below intrinsic value/repositioning |
| Property type | Hotel with 30,000m2 multi-use office, retail, hotel and 420 place car park |
| Closing date | June 2014 |
| Origination | Banking relationship direct to ownership |
| Status | Sold |
| Exit date | 2006 |
Origination
- Secured acquisition through direct relationship with BNP Paribas and Franco-Belgian conglomerates Suez Tractebel Group. Arranged structured finance partially with vendor loan, traditional debt (Aareal Bank) and equity.
Equity partnership
- 80/20 equity investment between Patron Capital L.P. and a private investor group in an operating partnership.
Role
- Bifrost was responsible for origination, financing, value creation and active management during the holding period.
Value Creation
- Directly sourced the acquisition via personal relationship. Raised equity through three parties.Value created by:
- structured acquisition with €6m vendor loan
- restructured hotel management fees to be more beneficial to ownership, and
- unlocked additional value through redesigning interior of the property creating additional 1,000m2 of space, leased additional basement space on long term basis with casino operator.
Property Type
- Multi-purpose 30,000m2 real estate comprising;
- Lodging & Hospitality (4-star hotel, 170 rooms)
- Office/retail 12,000m2
- City-centre parking (420 under-ground parking places)
