The Slovenia Times

Emirati company to develop commercial part of Stožice


According to Monday's report in the business newspaper Finance, Rastoder has sold a 51% stake in his project company established to finalise the Stožice Sports Park, which so far features an indoor arena and a football stadium.

Eagle Hills is currently building the Belgrade Waterfront project, worth EUR 3 billion, and had previously invested in Burj Khalifa, the tallest building in the world, and in the Dubai Mall, the second largest mall by total land area.

The contract on the joint project between Rastoder, who has been expanding his range of business beyond imports of produce, and the company from Abu Dhabi is expected to be signed in the coming weeks.

Rastoder, whose company Air Adriatic recently acquired the operating licences of the bankrupt airline Adria Airways, became the owner of the commercial part of the Stožice Sports Park in 2017.

He purchased the claims by the state-owned Bank Assets Management Company toward the developer Grep and as the only creditor in the receivership of Grep took over the property that had served as loan collateral.

While Delo reported last September that Eagle Hills intended to buy the unfinished commercial part, Finance now reports that the company will acquire a 51% stake, with the rest of the project company staying in Rastoder's hands.

The project is expected to be kept within the framework of the spatial plan - a shopping mall and a hotel up to 100 metres tall, but it may be expanded to the largest permissible dimensions, the business newspaper adds.

For the project to be built, a detailed spatial plan needs to be adopted first, with Dnevnik reporting at the end of January that Rastoder's project company Derby Tower had submitted a relevant initiative to the local authorities in 2018.

The municipal department for spatial planning told the newspaper at the time that the investor had failed to implement any further activities, so the procedure had not been initiated.

Anđela Nikolić of the Rastoder company told Dnevnik at the time that the required documentation had not been drawn up yet, with the paper noting that EUR 50-65 million needed to be invested in the project to be finalised.


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