HB Reavis, Central and Eastern Europe’s leading commercial property group, also operating in London property market, today announces the quarterly business update for three months to 31 March 2016.
After very strong year in 2015, we entered the new year very well positioned to build on the last year’s successes. In the first quarter, we have made progress on several fronts. We have secured our pipeline in the Czech Republic for upcoming years by acquiring another project, Radlicka Office, located in Prague-Smichov district. Also, in Budapest we have entered into acquisition agreement for the project on the Buda side of the city in very prominent location, Bem Palace. Staying in Budapest, I am very pleased with the completion of our first divestment outside Czech and Slovak Republics: the project Vaci Corner Offices was bought by Zeus Capital Management, privately managed investment firm. We have thus completed full development cycle in Hungary and are proving to be respected player in this market. We have also entered into sale agreement on our logistics portfolio with scheduled closing in Q2 2016 which is in line with our strategy to focus on office and retail segments. In addition, we have been successful on debt capital markets by way of issuing our first bonds in the Czech Republic which helps us further optimize our capital structure.