Tuesday, 21 October 2025
Slovak developer Immocap has opened subscriptions for a public bond issue designed to raise €25 million for its large-scale Istropolis redevelopment project in Bratislava. The issue, marketed under the name Istropolis Dlhopisy, has been approved by the National Bank of Slovakia (NBS), which confirmed the completeness and consistency of the prospectus earlier this month.
The bonds will be issued on October 2, 2025, and mature on April 2, 2029. They carry a fixed annual coupon of 5.25%. Each bond has a nominal value of €1,000, and subscriptions are available through Slovenská sporiteľňa between September 16 and October 1.
The Istropolis redevelopment is among the largest urban regeneration schemes in Bratislava, combining residential, office, retail, and cultural functions alongside new public spaces. Immocap positions the project within ESG standards, reflecting growing investor and regulatory focus on sustainability in real estate.
In terms of pricing, the 5.25% yield represents a premium over sovereign benchmarks. Slovakia’s 10-year government bond yield stood at roughly 3.5% in mid-September 2025, while prime office investment yields in Bratislava are estimated at around 6.0%, according to Cushman & Wakefield and Colliers. This places the bonds’ return between lower-risk government debt and higher-risk direct real estate investment yields, reflecting both the project exposure and the developer’s corporate profile.
Comparable yields in Bratislava also vary by asset type: prime offices typically trade at 6.0%, logistics around 6.25%, and peripheral offices at up to 7.5%. Against this backdrop, Immocap’s offering sits in line with Central European developer financing levels, providing investors with a mid-range risk-return profile.
The prospectus highlights standard bond investment risks, including issuer creditworthiness and project delivery timelines. Immocap has published audited financials for 2024 to support investor due diligence.
