HB Reavis Group announces the sale of Apollo Business Center IV, a class-A office complex in Bratislava, to Česká pojišťovna, the biggest Czech insurance company, part of a leading European insurance conglomerate Generali Group. This landmark transaction values the asset at a net yield slightly above 7%, reflecting the high quality of the asset and its tenant roster.
Built in 2008, Apollo Business Center IV totals approximately 32,400 m² of leasable space, leased on long-term contracts to such tenants as ENEL Slovenské Elektrárne, IBM, Henkel and many others. With its attractive location in the wider city-center area, abundant transport connections and as part of the well-established office cluster along Prievozská street, the property is amongst the most sought-after office locations in Bratislava.
As part of larger Apollo Business Center complex, Apollo Business Center IV consists of one 16-storey and two six-story blocks of modern design with flexible space and efficient operations. The center has recently received an international green building certificate “BREAM - Very Good” in recognition of its green credentials.
Marian Herman, Head of Investment Management and Divestments, commented: “We are very pleased to announce the sale of this unique and modern office property. It proves the attractiveness of our products to such well respected institutional investors as the biggest Czech insurance company. It makes us proud”.
“We are glad that this transaction highlights the success of our business model. Furthermore, the sale proceeds will boost our financial strength and support our development activities not only in Slovakia, but also in Poland, the Czech Republic, Hungary and other countries”, said Jiří Hrbáček, HB Reavis Group CFO.
Source: HB Reavis