HB Reavis Group and HB Reavis CE REIF fund have jointly sold for €79 million a 132,000 sqm portfolio of logistics centres in Czech Republic and Slovakia to Macquarie Infrastructure and Real Assets, part of the Macquarie Group, one of the largest global investment banking and diversified financial services groups in the world. The fully-occupied portfolio consists of 2 assets owned by HB Reavis Group and 2 assets held by HBR CE REIF.
The divested assets include the 14,500 sqm multi-modal logistics facility in Ostrava, Czech Republic and the 69,500 sqm logistic centre in Raca, Slovakia (both sold by HB Reavis Group) as well as the 31,500 sqm Svätý Jur logistics centre in Bratislava, Slovakia and the 16,500 sqm Malý Šariš logistics centre in Prešov, Slovakia (sold by HBR CE REIF fund).
The disposal reflects the strategic decision of HB Reavis Group to divest its industrial development business and focus its development activities entirely on European office and retail projects.
The transaction also marks the first disposal made by HB Reavis CE REIF, a €175 million commercial property fund managed on behalf of institutional and high-net worth investors by HB Reavis Investment management, the investment management arm of HB Reavis Group. The Fund has acquired the assets at its inception in 2011 and has intention to use the capital released from the transaction, along with the freshly fundraised equity for further acquisitions of assets in Central Europe.
“The successful divestment of this high quality, fully let industrial portfolio to one of the sector’s top international investors reflects not only the quality of the underlying assets but also the success of our asset management strategy. These logistics centres are well-positioned to give the new owners continued upside and this transaction allows us to focus on our core segments of office and retail, while recycling the released capital into new opportunities,” said Marian Herman, CFO at HB Reavis.
JLL has been selected as property manager and JLL Capital Markets teams in Bratislava and Prague advised on the acquisition.
Miroslav Barnáš, Head of Capital Markets and Managing Director JLL Slovakia said: “We are delighted to witness yet another blue-chip institutional investor entering Central Europe, which has now become an established investment destination offering prime investment opportunities across various asset classes”
Filip Polomský, Head of Property Management in JLL Slovakia, commented: “The portfolio is one of the prime logistics schemes in Slovakia. Our team has been operating on the Slovak market for almost 10 years and with this newest acquisition we administer ca. 250,000 sqm of leasable area with a total capital value exceeding €375 million. I am sure that JLL´s experience, local knowledge and hands on approach will contribute to the scheme´s success and value maximization.”
Peter Grančič, Fund Director of HBR CEREIF added: “This is the first successful divestment from the HB REAVIS CE REIF fund since it was launched in 2011. It endorses the quality of the assets in the fund´s portfolio and underlines the value the investment management team generates to the fund´s investors. The disposal also paves way for further expansion of the portfolio throughout the Central Europe.”
