Allen and Overy has advised HB Reavis’ Central Europe Real Estate Fund (CEREIF) on the sale of its retail asset Aupark Piesťany to New Europe Property Investments (NEPI) for EUR 39.5 million. NEPI was advised by Clifford Chance.
Aupark Piesťany, located in the heart of the Slovakian spa-city of Piesťany, is the smallest of the four Aupark centers in the country, totaling 10,000 square meters of GLA and 380 parking spaces. The sale was the third transaction between NEPI and HB Reavis Group, following NEPI’s acquisitions of the Aupark shopping centers in Zilina and Kosice (as reported by CEE Legal Matters on January 14, 2015). Since the start of 2016, HB Reavis has divested ten assets (including Aupark Piesťany) worth EUR 750 million across its core markets.
This is the seventh high-profile real estate transaction on which Allen & Overy has advised HB Reavis in Slovakia over the past few years, including the EUR 79 million sale this past summer of its four logistics centers in the Czech Republic and Slovakia to Macquarie Group this summer (as reported by CEE Legal Matters on July 25, 2016).
Commenting on the transaction, Peter Grancic, Fund Director of HB Reavis CEREIF said: "The sale of Aupark Piesťany reflects the Fund’s divestment approach. The recent transactions clearly show an increased interest in Slovak retail properties coming from renowned international players, which has been valuable for the funds´ investors."
The Bratislava-based A&O team was led by Senior Associates Juraj Gyarfas and Vojtech Palinkas.
The Prague-based Clifford Chance team was led by Partner Emil Holub, who was supported by Associate Milan Rakosnik, and Senior Associate Stanislav Holec and Junior Associate Andrej Havko. Lawyers from the firm’s Amsterdam officer were involved as well.