The three buildings of the City Business Center (CBC): III, IV and V are located on Karadžičovej Street in Bratislava. The group HB Reavis sold them to the property fund Real Estate FundTB, managed by Tatra Asset Management.
We are glad that renowned institutional investors are constantly interested in our projects. The aforementioned transaction confirms the investors’ growing appetite for high-quality commercial buildings on Slovak real estate market. During the last year, HB Reavis managed to sell some other commercial real estate, including Apollo Business Center II in Bratislava and Aupark in Žilina, commented Marian Herman, investment and divestment manager.
The office blocks in Bratislava have been estimated with the rate of return at the level of 7%. They offer a total of ca. 26 000 sq. m of space in the city centre. The buildings were constructed in 2011 and the following companies have their headquarters there: Johnson & Johnson, Swiss Re, Sygic, Schneider Electric, and Zepter. Also, HB Reavis takes up offices in CBC.
We are proud because the sale of CBC III, IV and V confirms that our projects on the Central European market are constantly gaining in value, said Jiří Hrbáček, finance director in HB Reavis Group. As a result of the transaction, we can, among others, still invest in ongoing projects not only in Slovakia, but also in other Central European countries, in Great Britain and in Turkey, he added.
We have just concluded a very important investment, which is a part of our strategy to provide the highest quality projects, made with prestigious tenants in mind. Thanks to this, we can offer our customers and investors more attractive real estate, which will join real estate holdings of the fund Real Estate FundTB, managing assets with a value of 250 million euro, explained Martin Ďuriančik from Tatra Asset Management.
The buildings I and II, which are a part of the City Business Center complex, are still the property of real estate fund HB Reavis CE REIF, managed by HB Reavis Investment Management Sarl.