Two state-owned enterprises, Elektroprivreda Srbije (Electric Power Industry of Serbia – EPS) and Elektrodistribucija Srbije (EDS), have advertised the sale of land and unfinished structures in Novi Beograd’s Block 20 on three separate occasions. The owner of Delta Holding, businessman Miroslav Mišković, did not respond to the first two calls.
He waited for the property’s price to drop as far as possible before stepping forward with an offer – the only one, making it, by default, the best one. For Mišković, this was an opportunity not to be missed, as it is almost unheard of for sellers – in this case, two state-owned companies – to guarantee a buyer a secure profit. Through this acquisition, Mišković secured just that.
EPS and EDB first advertised the sale of 12,609 square metres of building land along with an unfinished structure back in 2024. The property was put up for sale at a starting price of roughly €48.5 million. Despite the exceptionally attractive location, no investor was willing to pay such a figure.
The new owner from next door
The land plots and the unfinished EPS building happen to sit right next to the commercial premises of the Belgrade construction firm Rad, which was sold out of bankruptcy to Delta Holding in 2023. For this reason, many observers anticipated that Miroslav Mišković would be the prime candidate to buy the EDS and EPS real estate; yet neither he nor anyone else submitted a bid during that initial tender.
A second attempt at a sale followed at the end of October that same year, with the price slashed to €38.8 million. Even then, no interested buyers emerged, causing the sale to fall through once again and leading to a third attempt.
In that advertisement, published on 4 December 2025, the state companies offered the plots and unfinished buildings at a 40% discount off the original asking price, down to €29.2 million. The sale was approved by the Government of Serbia. In late January 2026, the submitted bids were opened. As it turned out, only one offer had been received: from the firm Delta Avenija Belgrade, owned by Mišković and his family.
In response to questions from Radar, Elektrodistribucija Srbije stated that Delta Avenija offered a price “equal to the initial estimated value in the advert” – namely €29.2 million – and that there were no other interested bidders.
Curiously, from the moment the bids were opened and Delta Avenija was confirmed as the sole bidder up to the present day, the contract for the sale of the real estate to Mišković’s company has not been signed. This is rather unusual, given that more than seven months have passed since then.
An offer you cannot refuse
The final sale advert differed from previous ones not only in price, but also through a new clause – item number five – which significantly altered the terms of purchase. Specifically, it states that EPS and EDS reserve a special right to “issue a declaration to the buyer that they will purchase from the buyer a building under construction on the plots being sold”.
The document specifies that this concerns commercial space with a gross area of 10,000 square metres alongside 100 parking spaces. In plain terms, EPS and EDS are practically guaranteeing a secure profit for the property’s buyer, Delta Avenija – and by extension, Mišković.
What remains unclear, as it was not specified in the advert, is how the price will be calculated should the state-owned companies exercise their right to purchase the commercial space and garages from Mišković. Will it be at market rate, or at an agreed, discounted price? Neither Elektrodistribucija Srbije nor Elektroprivreda Srbije provided an answer to this question.
“The decision-making process to select the most favourable bidder is currently under way, and given the present stage of the proceedings, we do not have information regarding the remaining questions in your request,” EDS stated in a written reply to Radar under the Law on Free Access to Information of Public Importance.
EPS provided a similar response: “The procedure is ongoing, and at this stage we are unable to provide further details, as disclosing or publishing data right now could influence the future course of the proceedings.”
An answer to how much EPS and EDS will pay for the commercial space and parking spaces would reveal the true nature of this deal with Mišković’s company. Since this figure was omitted from the advert, the exact terms can only be speculated upon.
Nemanja Nenadić from Transparency Serbia told Radar that the sellers’ right to purchase commercial space and garages means little on its own, as it does not legally oblige the buyer to sell the property back to the state enterprises at any fixed rate.
“The decision by the state companies to sell the land and unfinished buildings is not inherently contentious – or rather, it wouldn’t be, were it not for this additional element where they retain the right to buy back specific commercial space and garages post-construction. It would seem more logical for EPS and EDS to have invested in completing the commercial space and garages themselves, kept what they needed, and sold the remainder at market rates. Alternatively, if they did not wish to stay in the construction and sales business, they should have stated in the advert itself that they would buy back the space at a pre-determined price. As it stands, they may end up paying significantly more for that space,” Nenadić said.
What Mišković gives and what he gets
If the price of the commercial space and garages were calculated based on current market rates, the math becomes rather interesting. According to the latest Belgrade City decision for Zone 1 (the extra-business zone to which Block 20 belongs), the average price per square metre of commercial space is around €3,000, while a square metre of garage space costs around €1,700. This means that, at market rates, EPS and EDS would pay Delta Avenija around €30 million for 10,000 square metres.
To this, one must add the value of 100 parking spaces. Assuming an average parking spot measures 12.5 square metres, 100 spaces would cost an additional €2.1 million or so. This brings the total calculation to roughly €32.1 million for EPS and EDS to buy back the space – about €3 million more than what they would receive for selling the property in the first place. In essence, it appears EPS and EDS are effectively trading the land and unfinished structures for 10,000 square metres of commercial space and 100 garages.
Whether this will actually be the final outcome is hard to say with certainty, as several key pieces of information – which EPS and EDS declined to discuss – remain missing.
The advert notes that, based on the current project and building permit, construction on the site is restricted to a basement, ground floor, mezzanine, plus four upper storeys. However, the “existing/future function” of a power substation located across the basement, ground floor, and mezzanine is excluded from the sale. Under the existing building permit, Delta Avenija can only count on four upper storeys. Given that the footprint of the building is around 1,300 square metres, four storeys fall far short of the 10,000 square metres requested by EPS and EDS. This suggests that the buyer will have to construct a much larger building, requiring a new building permit and modifications to the City of Belgrade’s urban planning documentation.
According to unofficial information obtained by Radar, plans are allegedly in motion to amend the detailed regulation plan for Block 20 to allow for higher storey limits, yielding significantly more commercial floor space. Anything beyond 10,000 square metres represents pure profit for the new owner – profit that EPS and EDS are potentially forfeiting, as they could have funded the development themselves to sell or sought a co-investor to maximize returns.
On the flip side, this acquisition allows Mišković to continue expanding across a prime location. In 2023, he purchased the bankrupt construction company Rad from the Serbian Government at an initial asking price of around €8.1 million. For that sum, Delta acquired 27,340 square metres of commercial space on Milentija Popovića Street in Novi Beograd’s Block 20. At the time, the market value of that property was estimated at around €80 million.
Furthermore, Delta Holding’s headquarters are located nearby in Block 19, adjacent to the Crowne Plaza Hotel (formerly the InterContinental), which Mišković acquired nearly 18 years ago.
Just a short distance away is the Sava Centar, which he also purchased from the City of Belgrade at a public auction in 2020 for the starting price of €17.5 million. Acquiring the EPS and EDS properties is simply the next logical step in expanding the business empire of one of Serbia’s largest and wealthiest businessmen.
(Radar, 10.09.2026)
https://radar.nova.rs/ekonomija/miroslav-miskovic-delta-novi-beograd-eps-eds/