Orco sells ailing City Gate

Czech construction company PSJ has bought Orco Property Group’s downtown Bratislava residential project City Gate. This reconstruction of the former VUB bank headquarters was hit hard by the slump in apartment sales, and Orco even considered selling some of the 46 units as offices. PSJ’s general director František Vaculík says the surprise acquisition will become PSJ’s flagship project in Slovakia, and one he hopes will lead to further development activities there. Retail space is being leased in the basement, ground floor and first floors.

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