HB Reavis, one of Slovakia's largest property developer groups, has entered the Hungarian market, looking for investment in malls and office parks, the company announced in a press release.
HB Reavis Group currently manages assets with a value of more than one €1 billion. During the next ten years, the company plans to implement other projects in Slovakia as well as in the Czech Republic that are currently in various stages of preparation, with a total value of €2 billion. The Bratislava-based company is in advanced talks to buy designated areas in Budapest and it may announce its first major project in the near future.
The current HB Reavis portfolio comprises 353,000 square meter of business real estate. The group, which has a 40%-50% market share on the Bratislava office market, is exploring investment possibilities in Romania, Croatia and Poland, as well. One of the group’s key development projects is Bratislava’s Twin City, which is planned to be started in 2008 and completed in 2011.
Twin City will form a complex of buildings dominated by a high-rise structure. The total leasable area provided by Twin City is as much as 200,000 square meter. Half of the area is planned to be used for shops, fun and relaxation activities. More than 60,000 square meter is reserved for administrative and office premises of the highest category and for an exclusively equipped 4-star hotel with 200 rooms. The concept also includes 320 high-standard apartments. The project is to absorb a total of €500 million.
HB Reavis Group would primarily build shopping malls and office parks in Hungary, both in Budapest and in the country (mainly larger cities). Primary targets within Budapest are within the Hungária ring (malls in a „landmark” concept) and South-Buda areas, Zoltán Radnóty, CEO of the local HB Reavis office said. (BBJ)