VÚB sold its branch buildings to Czech Franco Real Estates
VÚB bank sold the buildings of 67 of its 204 branches to Czech Franco Real Estates (František Pivoda). The price for 80,000 sqm of real estate was not disclosed. The bank is staying on as a tenant but might close some of the branches in the future. The branches are all over Slovakia, in smaller as well as larger cities. The bank aims to optimize its asset structure and maintenance costs. It was advised by Dražobná spoločnosť, Allen & Overy and Staněk Vetrák & Partneri.
Back in 2017, Franco RE bought the former Galán furniture store near Bratislava airport in an auction for €7.8m. It plans to launch its renovation shortly.