HB Reavis sells its 50% stake in Aupark shopping center in Bratislava to Unibail-Rodamco (SK)

HB Reavis Group announces that it has sold its 50% stake in Aupark shopping center in Bratislava to Unibail-Rodamco SE for a net amount of €151 million. Unibail-Rodamco will become the sole owner and manager of the center.

Aupark Bratislava

Aupark Bratislava opened in 2001.

In connection with the transaction, Unibail-Rodamco SE will also acquire from HB Reavis Group an adjacent plot of land for potential further expansion of the shopping center for an additional €3 million, resulting in combined total net disposal proceeds for HB Reavis Group of approx. €120 million.

"We are pleased with Unibail-Rodamco's interest in Aupark Bratislava which proves the continuing attractiveness of the Aupark concept developed by HB Reavis. After six years of cooperation we wish our partner all the best in their role as the sole owner and manager of the center and remain convinced that Aupark Bratislava is an excellent long-term fit for their international portfolio.

"At the same time, the proceeds will provide our Group with enhanced firepower to acquire new development opportunities as part of our international expansion, primarily in Poland and Czech Republic," said Pavel Trenka, HB Reavis's COO & Head of Strategy.

"Unibail-Rodamco's acquisition of the remaining 50% stake of the center has been a logical conclusion of the joint ownership started in 2005. It underscores the quality of the asset and its prominent position on the market.

"Furthermore, this acquisition proves that underlying fundamentals of Slovak real estate sector are attractive for international institutional investors with long-term commitment to the market," added Marian Herman, HB Reavis' Head of Investment Management & Capital Markets.

Aupark Bratislava is a prime retail and entertainment center located in capital city of Slovakia. The property was developed by HB Reavis Group and opened in 2001. It has become one of the best performing shopping centers in Bratislava and today comprises 52,300 m² GLA, a number of international premium retailers as well as a multiplex cinema.

The transaction has been approved by the Antimonopoly Office of the Slovak Republic.

Source: CBRE

Related News