HB Reavis has sold Twin City
International real estate developer HB Reavis has sold Twin City A, a modern office building located in close proximity to Bratislava city centre in Slovakia, to Prvý realitný fond (PRF), managed by IAD Investments with a transaction yield of 6,5%. The transaction is a reflection of the building’s prime location, as well as the strength of its current tenants. The building, located in the dynamic Mlynske Nivy business district of Bratislava, was completed in 2015 and offers approximately 16,500 sq m of leasable space, which is now fully let to a number of prestigious tenants, including: PWC, Merck Sharp & Dohme, Bayer, BNP Paribas Slovensko and Sfera.
“This is the second deal we have made with IAD Investment and we are very pleased that they are buying another project from our portfolio. The transaction demonstrates the excellent reputation our developments have among investors,” said Marian Herman, Chief Financial Officer of HB Reavis. Herman continued, “Over the last twelve months, HB Reavis has successfully sold 14 completed commercial properties – a total value of over 1 billion EUR – including Konstruktorska Business Center and two buildings within Gdanski Business Centre in Warsaw, 33 Central in London, and our logistic portfolio in the Czech Republic and Slovakia.”
“We are pleased to add Twin City A to our portfolio. This acquisition is in line with our strategy and focus on core projects of the highest quality, with an excellent tenant roster,” says Vladimir Bencz, Chairman of the Board at IAD Investments.
“The acquisition of Twin City A has strong potential to deliver stable revenues from long term leases and thus contribute to the improvement of the diversification of Prvý realitný fond portfolio. Twin City is located in a new emerging business district and its acquisition confirms our fund’s strategic aim and to invest in prime office schemes in excellent locations,” says Vladimír Bolek, Portfolio Manager of Prvý realitný fond and member of the board of directors of IAD Investments.
Twin City in Bratislava is currently the biggest regeneration project in Central Europe. HB Reavis started construction on site in 2011 and will progressively develop the twelve phases of this development, creating a new modern business environment, easily accessible by all means of transport, bringing back to life a previously neglected part of the Bratislava capital.
