HB Reavis’ Central Europe Real Estate Fund (CEREIF) has sold its retail asset, Aupark Piestany in Slovakia, to New Europe Property Investments (NEPI) for €39.5 mln.
The sale is the third transaction between NEPI and HB Reavis Group, following NEPI's acquisitions of the Aupark shopping centres in Zilina and Kosice. The largest of the Auparks, located in Bratislava, was sold to Unibail-Rodamco in 2011.
'The sale of Aupark Piestany reflects the fund's divestment approach. The recent transactions clearly show an increased interest in Slovak retail properties coming from renowned international players, which has been valuable for the fund's investors,' said Peter Grancic, fund director of HB Reavis CEREIF.
Developed by HB Reavis, Aupark Piestany is the smallest of the four Auparks centres in Slovakia. The 10,000 m2 mall is home to brands such as CCC Shoes, Mango, Orsay and New Yorker.
'The completion of a third transaction with such a reputable player as NEPI is a true recognition of the level of quality of the asset, as well as the high level of the asset management service provided by the HB Reavis group to the fund’s investors,' commented Marian Herman, CFO of HB Reavis Group. 'We have already started work on the acquisition of a new asset outside of Slovakia, which we aim to complete before the end of this year,' added Herman.
Since the start of 2016, HB Reavis has divested 10 assets (including Aupark Peistany) worth €750 mln across its core markets, including the sale of 33 Central, London.
New Europe Property Investments is a commercial property investor and developer listed on the main board of the Johannesburg Stock Exchange Limited (JSE) and the regulated market of the Bucharest Stock Exchange (BVB).
