Bratislava — One of the most notable property transactions in Slovakia in recent years has been completed as Penta Real Estate finalized the sale of Bory Mall, the country’s flagship shopping and leisure centre. The buyer, the ZFP Real Estate Fund, is managed by Czech-based ZFP Investments in partnership with Slovakia’s IAD Investments. The deal received approval from the Slovak Antimonopoly Office, underscoring its significance for the domestic retail market. Although the purchase price has not been disclosed, market observers estimate the transaction at around €300–350 million, which would place it among the largest Slovak retail property deals of the past decade.
A Decade of Performance
Since opening in 2014, Bory Mall has established itself as a dominant retail hub in the capital. Strategically located between Lamač and Devínska Nová Ves in the rapidly developing Bory district, the centre offers 54,000 m² of leasable space, nearly 200 shops, restaurants and cafés, and more than 2,400 parking spaces. With current occupancy close to 97%, the mall has proven to be one of the country’s most stable and income-generating assets.
The wider Bory district has been evolving into a multifunctional urban node, combining housing, healthcare and commercial infrastructure. The completion of the Bory Hospital has further strengthened the area’s role and secured a larger customer base for the mall.
Seller’s Perspective
For Penta, the sale is part of a broader capital reallocation strategy aimed at financing new developments both in Slovakia and abroad.
“The sale of Bory Mall is a significant milestone for us,” said Michal Rehák, Managing Director of Penta Real Estate. “The centre’s strong performance enabled us to secure a buyer aligned with its long-term role, while allowing us to reinvest in new projects.”
The company has been actively developing residential and mixed-use projects across the region, and freeing resources from the Bory Mall sale supports these ambitions.
Buyer’s Perspective
For ZFP Investments, the acquisition represents a long-term commitment to Slovakia’s retail sector and secures a flagship position within its portfolio.
“We see both the location and the centre as an important hub connecting several parts of Bratislava,” said Róbert Pružinský, Chairman of the Board at ZFP Investments. “This investment offers stability and strengthens our portfolio with a high-quality retail property.”
Significance for the Market
Large-scale institutional acquisitions in Slovakia remain rare compared to neighbouring countries. As a result, the Bory Mall transaction stands out not only for its scale but also for its timing, at a moment when retail property markets in Europe face pressure from shifting consumer habits and selective investor sentiment.
Market analysts highlight that Bory Mall’s strong fundamentals — size, location, tenant diversity and integration into a fast-growing district — made it one of the few Slovak assets with genuine appeal to cross-border institutional capital. The transaction is therefore seen as a signal of confidence in the Slovak retail property market.
Outlook
With Bratislava’s retail development pipeline limited, Bory Mall is expected to maintain and strengthen its position as the capital’s primary retail and leisure destination. Its integration with housing and healthcare in the Bory district supports long-term stability, while continued development in the area will further reinforce its role as the anchor project.
For Penta, the transaction creates room to focus on residential and mixed-use projects across Central Europe. For ZFP, the acquisition secures a premium Slovak retail property offering stability, long-term income and growth potential.
