Taylor Wessing's lawyers have advised investment and development company Arkon, a.s. on its acquisition of the real estate area of the former Slovenka factory in Banskaa Bystrica, Slovakia, from Dituria a.s. Attorney Robert Esek advised the sellers on the deal. Financial terms were not disclosed.
According to Taylor Wessing, "based on the proposed structure of the transaction, the client shall step by step acquire the land with an area of approximately 46- thousands square meters close to the Silver Square in Banska Bystrica. The transaction was realized as an asset deal and the first phase, which took place in June 2017, covers an area about 17 thousand square meters. The client's intention is to progressively build a new residential and multifunctional 'heart' of Banska Bystrica at this lucrative place. After all work is done, the original industrial complex shall contain, in addition to the apartments and offices, complete public facilities and park areas designed for rest and relaxation."
Arkon was established in 2010 and deals with development activities and investing in various kinds of manufacturing and trading companies. According to Taylor Wessing, "through its direct and indirect investments, the Arkon group employs approximately 450 people with total assets under management value of EUR 50 million. The company has realized various development projects, such as Emporia City Residence, Zvolen; Lucenec Gallery, Lucenec and Residence Hron, Zvolen. It is currently involved as an important investor in start-ups."
In a press release distributed by Taylor Wessing, Andrej Konkol, Head of the Executive board of Arkon, commented that "for a long time, Banska Bystrica has been a city to us where we naturally wanted to expand our development activities, because we are a company from the Zvolen region. As we believe in this region, it was only a question of a time to find an appropriate place to build a new and modern residential and multifunctional center for the Banskobystricians. This complex project required a relatively large and experienced team of attorneys, where due to the short time each member of the team exactly knew what to do and how to do."
Juraj Frindrich, Taylor Wessing Partner, commented that: "For us as lawyers, it is a real pleasure to work for a client who has a clear business idea, the transaction process maintains in the necessary dynamics' and in the professional matters believes to its advisers. We have been working for Arkon for a couple of years and we understand each other humanly very well. It was a significant contribution to this project as well. For the client we achieved to analyze the project in a relatively short time and then to negotiate and contractually secure the progressive use of all four hectares of the former production site."
The Taylor Wessing team consisted of Partners Andrej Leontiev and Juraj Frindrich and Associates Andrea Vancelova and Juraj Vivoda.