Hannover Leasing, a prestigious mutual fund management company acting in the European financial and investment market and HB Reavis Group, the leading developer of commercial real estates in the Slovak Republic have entered into an agreement which launches the largest administrative real estate in Slovakia "Apollo Business Center" onto the German closed-end fund market.
On the photo: the press conference held on 16 January. F.l.t.r.: Mr. Ivan Valant, CEO HB Reavis Group, Dr. Dierk Ernst, Managing Director Hannover Leasing, Mr. Norbert Fath, Chief Representative Hannover Leasing.
The agreement represents the long-term partnership between the parties; whereby Hannover Leasing will act as a fund manager and where HB Reavis Group will provide for a property management. The closed-end fund, managed by Hannover Leasing thus acquires the Apollo Business Center and HB Reavis Group will henceforth be responsible for the management, leasing and technical maintenance of the property in the long term. Transaction of more than 100 million will be realized at the property yield in line with the current market conditions. The current investors of the "Apollo", represented by HB Reavis Group, will moreover have an option right to buy-back the real estate.
Apollo Business Center is the first administrative centre in Slovakia that meets all the international standard of the "A" class premises. It is a part of the accessible and fast-developing office Central Business District in Bratislava. Apollo Business Center is a complex of two 7-storey buildings linked by a unique hotel-type full-height atrium with shopping passages on the ground floor and a two storey car park in the basement. The total GLA is 43 440 sqm and the centre has a 100% occupancy rate. The administrative part of the centre with an overall area of 37 440 sqm comprises the premises of 30 companies and institutions: Accenture, BASF, Citibank, Deloitte, General Motors, HB Reavis Group, Landis&Gyr, Ministry of Regional Development, National Speedway Company, Nextra, Potová banka, Shell, Sony Ericsson, Sun Microsystems, Suzuki, Telenor, etc. There are over 50 retail units and services on the ground floor with a total GLA of almost 6000 sqm. The ceremonial opening of the Apollo was in March 2005 and in October 2005 it has been awarded a CE-ZA-AR Price for architecture, which is annually announced by the Slovak Chamber of Architects in Bratislava.
Mr. Norbert Fath, Chief Representative of Hannover Leasing comments:
"Acquisition of Apollo Business Center corresponds exactly to our investment policy and ideally complements our current portfolio of prime real estate in Central and Eastern Europe. We believe Apollo Business Center is the best administrative commercial real estate in the Slovak real estate market with a quality development and design, which fully meets the criteria of a "category A" office building.
Mr. Ivan Valent, CEO, HB Reavis Group comments:
"We believe that we have found the ideal long term financial solution for our project and that the cooperation with our German partner will be long term and extensive."
Source: HB Reavis Group
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