Delta Buys Sava Centar

Delta Holding today bought Sava Centar at the initial price of EUR 17.54 million. At the public bidding held this morning at the City Administration of Belgrade, Delta was the only bidder.

This was the third attempt of the city authorities to find a new owner for the congress center at 9 Milentija Popovica Street, of 29,374 square meters.

The previous two attempts fell through because nobody, Delta included, had paid the deposit, which was one of the requirements. The initial price went from 27.4 to 21.9 to 17.5 million euros.

Under the terms of the tender, Miroslav Miskovic and Delta Holding are obliged to invest at least EUR 50 million in the adaptation and reconstruction. However, as Delta announced earlier, their estimate is that larger investments, up to EUR 60 million, will be necessary for the facility to be reconstructed.

Zorana Burlic, CEO of Delta Real Estate, said after the signing of the agreement that Delta was the most adequate and logical buyer of this congress center.

– Considering that we own Hotel Crowne Plaza, which is functionally connected with Sava Centar, and with all the experience we have in this segment, it is logical that we've had an interest in buying Sava Centar – Burlic said.

When asked about the estimated value of the center, she pointed out that the price was high considering the necessary investments.

Delta plans to fully renovate Sava Centar. The investment entails the replacement of the glass facade, new electrical installations and heating and cooling facilities, and the implementation of entirely new multimedia installations.

– I believe that the price is high. The mandatory investment will not be 50, but 60 million euros. We were the only bidder, and very few companies, not just in the country, but in the region as well, can handle this kind of investment now and be absolutely sure that it will be a successful project and that Sava Centar and Belgrade will become one of the most important congress centers in the region – Burlic said.

The new owner obliges by contract to preserve the facility's architecture and exterior and to maintain its existing purpose.

Regarding this, Burlic points out that Sava Centar is a cultural good and that it is under protection and that, in line with this, Delta will preserve the architectural features of the facility.

She added that the investment was to be realized in the next five years.

– We believe that, as soon as the conditions meet, we will commence the planned reconstruction. We first need to prepare the project. The plan is to hire the biggest world consultants in congress tourism and see how to successfully position the congress center. This should be followed by the preparation of the project and the obtaining of all the permits for the reconstruction – Brulic said.

Sandra Petrovic

Delta Holding d.o.o. Beograd

Delta Real Estate d.o.o. Beograd

Sava centar

SC

sale of Sava centar

purchase

Zorana Burlić