CORWIN and Hartenberg will acquire large-scale brownfield in central Ljubljana with the goal of landmark urban revitalization
September 14, 2022
Slovak developer CORWIN, the company behind the Kvartet residential neighborhood, Vilharia office project, and the recently announced projects on Linhartova and Masarykova cesta, is together with Hartenberg Holding, a Prague-based company focused on investments in Central Europe, in the final stages of acquisition process of prime plot of land within Ljubljana’s inner city. The joint-venture deal should be settled in the upcoming weeks.
Ljubljana to follow example of Vienna, Stockholm, London and New York
The land in which Corwin and Hartenberg jointly invest has the potential to greatly enrich the surrounding area which will have significant impact on shaping the image of Ljubljana’s city center. The ambition is to turn this centrally located post-industrial area into a thriving and vibrant mixed-use neighborhood and thus extending the rapidly emerging new business district.
The area on Šmartinska cesta, which is in the center of focus, has almost 40,000 sqm and is in close vicinity to other three Corwin’s planned projects. The seller is CEEREF UPRAVLJANJE d.o.o., a regulated real estate fund which disclosed details of the transaction as part of the shareholder meeting notation. Michal Maco, Country Manager, CORWIN SI opens up about the company’s plans for the entire area ”This planned land acquisition creates the potential for one of the largest urban regeneration schemes we have ever seen in the region. We aim to build on our expertise in the field of brownfield revitalization and develop this part of the city into a high-quality business and residential neighborhood and an attractive wider city center. Such real estate and urban development are consistent with Corwin’s vision to build projects that are people-centric and stand on principles of sustainability and place-making.”
Many great cities such as Vienna, London, Stockholm, or New York turn their attention to brownfields as land shortages, preservation of fertile grounds and high congestions caused by uncontrolled construction sprawl in the suburban areas remain key issues in the sustainable urban growth.
”CORWIN is known for its clear business strategy with focus on brownfield redevelopment with the aim to make the cities compact and thus sustainable by implementing meaningful urbanism and green technologies such as vegetation roofs or innovative energy solutions.” adds Michal Maco. ”We are pleased to have found partner in Hartenberg, which recognized that investing in green projects brings long term value not only to its shareholders but to wider society as well.” he concludes. This is the fourth joint-venture acquisition with Hartenberg and Corwin’s fifth announced project in Ljubljana.
“We are excited to have become partner to Corwin in such an interesting project that will significantly improve the inner city of Ljubljana. In the next 2 years, we will work jointly on the shape of the area with the aim to create a nice residential, commercial and leisure ecosystem. Not only will it be a great place for leisure, work, and shopping, but it will also meet the highest standards of living,” added Jozef Janov, Managing Partner at Hartenberg.
CORWIN becomes key player in the city’s urban transformation
In just 12 years, CORWIN has built a reputation as acclaimed real estate developer by building some of the most innovative and admired projects for which it received many industry awards, recognitions, and accolades. In Bratislava, the company has successfully executed large schemes such as Blumental and Guthaus. Both projects stand on the sites of former factories, which were no longer in use and for a long time were considered unsafe areas populated by crime. Both neighborhoods are now considered prime-locations with large public spaces, parks and amenities such as restaurants, cafés, shops and other services. The company has similar ambitions with the Palma project for which they invited one of the foremost urban design ateliers, the Danish firm Gehl Architects, for collaboration.
In Ljubjana, Corwin is finishing its first residential project Kvartet in former industrial area of Šiška, which will bring 221 units to the heavily under-supplied market. The company has recently launched the Skyline Edition apartments, a collection of 56 upscale apartments on the upper 5 floors of the project’s four towers which boast high ceilings, green terraces and immersive views of the Alps and the city’s panorama.
CORWIN’s second project, which is located in the vicinity of the new train and bus stations, aims at the highest sustainability certifications LEED Platinum and LEED Zero Carbon respectively. ”We are well aware of the fact that companies in Ljubljana have limited options when it comes to healthy and sustainable workspace. Einpark Offices, our project in Bratislava, which is also a LEED Platinum certified office building proved high success with our ESG-oriented customers even during grim pandemic months when many famous blue-chip companies such as Mercedes-Benz, McDonald’s, Beyersdorf, Dentsply-Sirona, Erni or Kistler decided to relocate to our building.” adds Maco. With more than 34.000 sqm of prime office space, Vilharia will be the largest and most sustainable office project in Slovenia and one of nine buildings in the world with Zero Carbon certificate for its carbon emissions neutrality. The company chose yet again prime Danish atelier of Schmidt Hammer Lassen to work as the lead architects on the project together with local Slovene bureau of Elea IC. The project is waiting for final construction permit which is expected to be issued in the autumn. The company is expected to announce first tenants by the end of this year.
Other two joint-venture projects with Hartenberg on Masarykova and Linhartova streets are still at the very early stages of preparation. For a mixed-use project on Linhartova, CORWIN opted for renowned Austrian architecture practice of AllesWirdGut with which it already collaborated on the Guthaus project in Bratislava. Project on Masarykova is intended as an iconic residential tower. For both projects, CORWIN decided again to join forces with acclaimed Danish star urbanists – Gehl Architects.
High ambitions with Šmartinska project
The land acquisition process has not yet been completed, although it is approaching the final stage. The project is a continuation of Corwin’s long-term development plan in Ljubljana announced last year. “Since we are still some time away from the actual start of the construction of the project, we cannot yet provide definitive information, but we can certainly predict, in accordance with Corwin’s approach, that the project will create inviting public spaces with high quality residential and office functions for people to live, work and play. The world’s most renowned studios will be involved in the urban and architectural planning,” Michal Maco, Country Manager, CORWIN SI, reveals.
Hartenberg Holding is an investment company focused on assets in the Central European Region, primarily Czech Republic, Slovakia and Poland and is able to be a long-term investor in companies it acquires. Hartenberg prefers investments in commercial, FMCG, health care and real estate companies with Enterprise Values from 40 million to 200 million EUR. Current value of the portfolio exceeds €500 million EUR. The group employs more than 4,500 people. Its portfolio companies achieve revenues of €500 million and EBITDA over €70 million in 2021. For further information about Hartenberg please visit: www.hartenbergholding.com.