HB Reavis Group has sold its flagship regional shopping centre Aupark Kosice together with the adjacent Aupark Office Tower, located in Slovakia’s second largest city of Kosice, to New Europe Property Investments (‘NEPI’), a commercial property company listed on the Main Board of the Johannesburg Stock Exchange, the regulated market of the Bucharest Stock Exchange and the AIM market of the London Stock Exchange, for €165 million. The transaction also sees NEPI acquire the former Malinovsky Barracks in the wider city centre area from HB Reavis.
Comprising about 34,000 sqm of leasable space and 1,100 parking spaces, Aupark Shopping Centre is centrally located in the city of Kosice and is leased to major retailers including H&M, C&A, Mango, New Yorker, Deichmann, Orsay, Datart, and Billa. Since its opening in 2011, Aupark has been generating double-digit growth in turnover and, with a footfall of around 11 million visitors annually, it is one of the premier shopping centres in Slovakia.
The adjacent Aupark Office Tower comprises 12,700 sqm of leasable space and has a high quality tenant roster including blue chip companies such as IBM, PWC, Holcim, and Eset all of whom can benefit from the amenities of the adjacent shopping centre.
The transaction is subject to approval from the Slovak Antimonopoly Office and on top of the above assets comprises an additional development: a multipurpose project on the site of the former Malinovsky barracks, located in the wider Kosice city centre.
This is the second transaction between HB Reavis and NEPI, following the latter’s acquisition of Aupark Zilina shopping centre from HB Reavis last year.
Marian Herman, Chief Financial Officer of HB Reavis, commented: “The Aupark brand has become synonymous with the best fashion shopping centres in Slovakia, and this latest disposal concludes a very successful development project by HB Reavis. We are pleased by NEPI’s continued interest in our assets, which underscores their appeal not only from a tenant and customer perspective, but also to investors. We intend to continue further developing the Aupark brand, and are currently constructing our first Aupark centre outside of Slovakia, in the Czech Republic city of Hradec Kralove.”