HB Reavis Group has completed the €151 million sale of its 50 percent stake in Aupark shopping center in Bratislava, Europe Real Estate reports. The Slovak Republic–based company, which offers full-scale services, integrating investment, design, construction, real estate, administration and consultation activities, sold the stake to Unibail-Rodamco, European commercial property company.
HB Reavis will use the sale proceeds for new development opportunities as part of its international expansion, primarily in Poland and Czech Republic. As a part of the deal, Unibail-Rodamco will also buy an adjacent plot of land from the seller by paying additional €3 million for potential further expansion of the shopping center. In 2005, Unibail-Rodamco entered in a joint ownership with HB Reavis for the acquisition of a 50 percent stake in Aupark shopping center.
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