Shopping centers in Slovakia, much like those around the world, have undergone a significant transformation in recent years. They are gradually evolving from purely commercial spaces into multifaceted destinations that offer social and entertainment value. As one of the leading players in the Central European real estate market, WOOD & Company approaches its retail assets with a clear vision: to create functional spaces that genuinely meet the needs of visitors while delivering stable returns to investors.
The success of this approach is reflected in the results achieved. Since its inception, the WOOD & Company Retail sub-fund has delivered an annualized return of 13.83% in the euro share class, while the AUP Bratislava sub-fund has generated an annualized return of 7.35% in the euro share class since 2021, including dividends. Behind these strong figures stands a robust team with international experience and a deep understanding of the nuances of retail business.
Building a retail portfolio in the Czech Republic
WOOD & Company’s history in the retail segment dates back to 2016. In the autumn of that year, the company acquired the Galerie Harfa shopping center. This Prague-based complex proved to be an ideal property. Unlike premium centers located in the city center, Harfa served the local community—precisely the type of asset where new concepts could be introduced without posing a risk to the overall portfolio.
The transformation of Harfa revealed key principles of effective retail management. The group gradually replaced inefficient lease agreements, modernized common areas, and—most importantly—began to view the center not merely as a collection of shops, but as a community space designed to serve residents of the surrounding neighborhoods.
Three years later, Centrum Krakov was added to the Czech portfolio. Located in Prague’s Bohnice district, this center offers a leasable area of 15,900 m² and has proven that even smaller, local formats can generate stable returns—provided they respond effectively to the needs of their visitors.
This move was the result of a well-considered strategy. “For our retail sub-fund, we acquire stable shopping centers with growth potential, in prime locations, featuring a broad and high-quality tenant mix,” explains Jiří Hrbáček, Portfolio Manager of WOOD & Company’s real estate funds. Today, both centers form the foundation of the WOOD & Company Retail sub-fund, which has achieved an annualized return of 13.83% in the euro share class since its inception.
Aupark is opening shopping centers in Slovakia
If Galerie Harfa was the “notebook,” then Aupark became the “thesis.” The acquisition of the Bratislava shopping center for €450 million remains the largest retail transaction in Slovakia to date.
Aupark’s uniqueness lies not only in its commercial potential but also in its strategic location. As the only major shopping center on the right bank of the Danube, it offers direct access to Sad Janka Kráľa—the oldest public park in Central Europe. The park’s natural microclimate creates a pleasant atmosphere that sets the center apart from its competitors.
The path to acquiring Aupark was far from easy. WOOD & Company was originally meant to be a partner to an international fund, but when the fund withdrew at the last moment, the group decided to proceed with the transaction independently, in partnership with Tatra Asset Management.
“There were several critical moments during the deal, the last of which came late at night just before the contract was signed—at that point, the outcome was entirely uncertain,” recalls Ľubomír Šoltýs, Partner at WOOD & Company, reflecting on nights filled with uncertainty. The original investors pulled out due to pandemic-related risks, forcing the team to urgently seek alternative financing while facing active competition.
Ironically, it was the pandemic that helped secure more favorable conditions. While 80% of the original investors withdrew, new investors stepped in with a clearer vision for the future of brick-and-mortar retail. As a result, since its inception in 2021, the AUP Bratislava sub-fund investorům výnos 32,18 % v eurové třídě, včetně dividend.
But Aupark is not just about the numbers. In 2024, following investments in solar panels, greening initiatives, and upgrades to various electrical systems within the building, the center underwent a 6,000 m² expansion. Its most striking feature is a green façade adorned with nearly 40,000 plants. This is more than just an aesthetic enhancement—the façade naturally cools the building, improves air quality, and reduces energy costs.
This investment reflects WOOD & Company’s approach to retail real estate. The group does not view shopping centers merely as sources of income, but as active participants in community life. A center should be a place where people come not only to shop, but also to spend time and connect.
The newest addition: OC VIVO!
The group’s latest project stands apart from Aupark. VIVO!, located in Bratislava’s Nové Mesto district and acquired in early 2025, is set to be transformed into a local community hub.
The group is already actively building a real estate portfolio around the Kuchajda area, including the Lakeside Park office complex, and is collaborating with developers on several residential projects. The overall potential of this location—rapidly evolving into a new urban district where people can live, work, and shop—makes VIVO! a strategic investment with long-term prospects.
“We’re not building another Aupark,” explains Martin Šmigura, a local partner at the company. “VIVO! is meant to serve its community—local residents who need to take care of everyday errands, not tourists seeking experiences.”
This vision calls for a different approach. Instead of luxury brands, the group plans to strengthen practical services, such as adding a second supermarket, expanding the food court, and introducing a fitness center. This model has already proven successful at Galerie Harfa, where its transformation into a local community hub stabilized operations and delivered benefits to both tenants and investors. The goal is not to maximize profit per square meter, but to create a functional space for the community.
How Investors Can Get Involved
WOOD & Company offers investors two distinct ways to participate in the success of its retail projects. The WOOD & Company Retail sub-fund combines Czech assets—Harfa and Krakov—and is designed for investors seeking capital appreciation. The fund boasts a 96% occupancy rate and a tenant base of 230.
The AUP Bratislava sub-fund stands out by paying regular dividends instead of reinvesting all profits. With a targeted annual return of 8% or more, this fund presents an attractive option for investors looking for steady income.
The Future of Retail Through the Eyes of WOOD & Company
WOOD & Company approaches retail real estate with a long-term vision that reflects both the specific dynamics of the Central European market and global trends. While digitalization is reshaping the way people shop, the group sees it not as a threat, but as an opportunity to redefine the role of physical retail spaces.
Premium centers like Aupark benefit from the purchasing power of the middle class and shopping tourism from neighboring countries. Local centers such as VIVO! capitalize on the fact that e-commerce penetration in the region has not yet reached Western levels, and the tradition of in-person shopping remains strong. As everyday purchases increasingly shift online, shopping centers in Slovakia and the Czech Republic are evolving into places for social interaction and experiences.
A practical expression of this vision is the group’s emphasis on sustainability. More than 82% of its properties hold green certifications. This focus is driven not only by current trends, but by measurable advantages such as lower operating costs, a healthier environment, and increased property value. ESG principles have become a business imperative—as investor interest in sustainability grows, such buildings simply perform better.