Austrian Firm Buys Tobačna City, Ljubljana

By , 07 Jul 2018, 09:25 AM Business
The site of the "city" The site of the "city" Google Maps screenshot

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STA, 6 July 2018 - After three years of unsuccessful attempts to sell Tobačna City, a former cigarette plant in Ljubljana slated to be transformed into a housing and commercial development, the receiver of Imos-G has managed to find a buyer for the site. Austrian company RM Bauträger is to pay EUR 25m and has already deposited an advance.

Grega Erman, the receiver of Imos-G, which went bust in redevelopment efforts, told the STA that he does not expect the procedure to be completed before September considering the number of suspensory conditions included in the contract.

It is likely that the process will take much longer, as Erman expects that rejected bidders would challenge his decision.

Four bids came for the property encompassing 49 plots, but only two were complete. The other complete bid came from the companies KPL and MG Mind, which offered EUR 23.1m.

This was the fourth attempt to sell Tobačna City. With the asking prices of EUR 33.2m and EUR 32.3m, the first two rounds did not attract any bidders for the complex valued by the Surveying and Mapping Authority at EUR 22.5m.

The third attempt attracted 15 bidders but none reached EUR 25m, reportedly the lowest number Imos-G was willing to accept.

Imos-G had originally planned to build nine high-rises with 600 flats, as well as a hotel and a shopping centre on the site, but it went bust when the financial crisis hit.

Tobačna City is one of the biggest remaining redevelopment sites in Ljubljana, just on the fringes of the city centre, on the intersection of the Tržaška and Bleiweisova streets.

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