The industrial and retail sectors dominated investment activity, while office investment remained subdued. Investor demand was primarily focused on well-located value-add assets and properties offering stable income secured by long-term leases. Capital sources varied by sector: industrial investments were driven by capital from outside the CEE region, retail by investors from CEE, and office transactions were primarily led by domestic investors from Slovakia.

The increase in transaction volume has followed a prolonged period of limited liquidity caused by high interest rates and diverging pricing expectations. While investor sentiment remains cautious, improved valuation alignment and continued capital allocation to CEE-focused strategies have been supporting transaction completions.
Rudolf Nemec, head of capital markets, Cushman & Wakefield Slovakia

The year began with several large portfolio transactions, and investment momentum continued in the second half of the year. A similar trend was observed in the Czech Republic, where total investment volume in 2025 reached approximately EUR 4.3 bln – more than double the average of the last five years and the highest figure on record.

In total, over 50 commercial properties were sold in 2025, many of them as part of portfolio transactions, including ten shopping centres. The industrial sector accounted for the largest share of the volume at 46 pct (EUR 446 mln), closely followed by retail at 43 pct (around EUR 413 mln). Office investment accounted for 9 pct of the total volume at around EUR 87 mln.

In terms of capital origin, the industrial sector was dominated by investors from outside the CEE region, primarily established global players. Retail transactions were primarily led by capital from CEE, while the office market relied primarily on domestic investors. Local investment funds (Slovak and Czech) accounted for 50 pct of the total volume, with the remainder coming from international institutional capital, particularly from the US, Asia, and the DACH region.

Key Transactions of 2025

Penta sold Bory Mall in the largest transaction of the year. The property was acquired by the Czech investment fund ZFP Investments. The shopping centre offers 54,000 sqm of leasable space, includes over 200 retail units, has high footfall and is almost fully occupied. It is located in a rapidly developing urban area, where thousands of new apartments are being built and a large hospital has also recently been completed.
Manova Partners sold an existing Amazon logistics centre in Sereď. The facility is one of Amazon’s key logistics assets in Europe and the only fully dedicated returns processing centre on the continent. The property offers stable and predictable cash flows, secured by a long-term lease with an institutional tenant, and meets the highest technical and environmental standards. The asset was acquired by Erste Realitná Renta, a fund from the Austrian Erste Group, expanding its portfolio, which previously included four office buildings.
Investment company Wood & Company expanded its real estate portfolio with the purchase of Polus City Center, currently operating as Vivo! Bratislava. The asset includes a dominant shopping centre, two office towers, and land designated for future residential development. With this transaction, Wood & Company now owns two key shopping centres in the city.
Tesco Slovakia has sold five shopping malls in Slovakia under a sale-and-leaseback arrangement, transitioning from owner to long-term tenant. This strategy allowed it to free up capital while maintaining operations in key regional locations. Hungarian investment group Adventum acquired properties in Dunajska Streda, Trnava, Nitra, and Žilina, while the latest shopping mall in Bratislava’s Petržalka district was acquired by a private investor from the Czech Republic.

A portfolio comprising nearly 100,000 sqm in 11 buildings in Nové Město nad Váhom, Žilina, and Košice, with direct access to major transport corridors, including the D1 motorway, was sold by Stoneweg (Switzerland) to P3 (Singapore). The assets are characterised by stable occupancy levels and are located in well-established industrial parks.

Outlook

In 2026, investment activity is likely to remain selective, with transaction volumes dependent on asset quality, price expectations and capital availability. While a gradual increase in investor confidence and further capital diversification towards Slovakia is possible, risks resulting from macroeconomic and political factors remain.
Rudolf Nemec.