Wednesday, 27 August 2014
HB Reavis Group sells River Garden Office in Prague to Prvý realitný fond (CZ)
The transaction values the asset in excess of €50 mln at an implied yield of slightly above 6.5%, reflecting the strength of the tenants and high quality of the asset.
River Garden Office I is located in the dynamically developing Karlin district of Prague and, completed in 2012, offers approx. 19 500 m² of rentable space, and is fully leased to a number of prestigious tenants. These include companies such as Unilever, ADP, Monster Worldwide, Alpiq and Tengelmann, with HB Reavis.
“We are delighted to announce the exit from our first project in the Czech Republic. This transaction also confirms interest among investors in our assets outside the Slovak real estate market,” said Marian Herman, Head of Investment Management and Divestments. Over the last twelve months, HB Reavis has successfully sold several other commercial properties, including Apollo Business Center IV in Bratislava, City Business Center III-V in Bratislava and Aupark Shopping Centre in Žilina and the group has divested over €0.5 bln of commercial real estate assets in the last three years.
“The sale of River Garden Office I demonstrates the continuing successful appreciation of our projects in the Central European market. It is a significant milestone in the history of our company in the Czech Republic and in general”, said Jiří Hrbáček, HB Reavis Group CFO.
Source: Crest Communication