Slovakian developer HB Reavis said on Tuesday that its Luxembourg-based investment management arm has bought a portfolio of five commercial assets for a total of EUR 165 mln, reflecting a blended initial yield of 7.6%. The assets were developed by HB Reavis.
Slovakian developer HB Reavis said on Tuesday that its Luxembourg-based investment management arm has bought a portfolio of five commercial assets for a total of EUR 165 mln, reflecting a blended initial yield of 7.6%. The assets were developed by HB Reavis.
The purchase was made on behalf of the company's first fund, HBR CE REIF.
The properties - all fully let on long-term lease contracts - include two office schemes in Bratislava (City Business Centre I-II and Union Building), as well as the Aupark Piestany shopping mall and two logistics centres (LC Svaty Jur near Bratislava and LC Presov). Combined, the assets provide over 100,000 m2 of gross leasable area.
Marian Herman, managing director of HB Reavis Investment Management Luxembourg, said the company would seek additional acquisition targets of prime commercial real estate assets in the future, mainly in Poland and the Czech Republic.
The acquisitions will support the fund's return target of around 11% per annum, the company added. About half of the expected return is set to be distributed as dividends to investors.
HBR CE REIF is a semi open-ended SIF/SICAV fund focusing on prime commercial properties in Slovakia, the Czech Republic, Poland and Hungary. Its investors are pension funds, insurance companies, asset managers as well as high net-worth individuals.
