Developer HB Reavis has sold Twin City A, an office building in its extensive Twin City Bratislava regeneration project in Slovakia for an undisclosed sum.
The buyer was Prvy Realitny Fond, managed by IAD Investments, a Slovak asset manager operating in Central European countries. The transaction yield was 6.5%.
'The acquisition of Twin City A has strong potential to deliver stable revenues from long term leases and thus contribute to the improvement of the diversification of the fond’s portfolio. Twin City is located in a new emerging business district and its acquisition confirms our fund’s strategic aim to invest in prime office schemes in excellent locations,' commented VladimÃr Bolek, fund portfolio manager of IAD Investments.
Located in the Mlynske Nivy business district of Bratislava and completed in 2015, the buildling offers around 16,500 m2 of leasable space, fully let to tenants including Pwc, Merck Sharp & Dohme, Bayer, BNP Paribas Slovensko and Sfera.
Twin City in Bratislava is currently the biggest regeneration project in Central Europe. Comprising a cluster of offices on a former industrial area, it represents 65,000 m2 of lettable space in total.
