Heitman is continuing its shopping spree on behalf of its European value-added property fund. Shortly after purchasing a stake in four office properties in Budapest, the Chicago-based private equity real estate firm has now acquired Aupark Tower, a 32,500-square-metre, Class A office property in Bratislava, Slovakia.
According to a statement, Heitman purchased the office tower from Slovakian developer HB Reavis Group on behalf of its €505 million Heitman European Property Partners (HEPP) IV fund. Marian Herman, head of investment management at HB Reavis told PERE that Heitman has bought the property for €85.6 million.
Rob Reiskin, Heitman’s managing director and co-head of Europe, said the acquisition “is a strong fit with the investments that already make up the HEPP IV portfolio. Aupark Tower is a well-positioned office building, which we expect will enjoy strong potential for further upside.”
Built in 2008, Aupark Tower is located south of the Danube River and across from Bratislava’s city centre. The property, which is adjacent to Aupark Shopping Center and Sad Janka Krala Park, is fully leased by tenants that include AT&T and Sanofi-Aventis.
The acquisition immediately follows the announcement in mid-December of Heitman forming a joint venture with Hungarian developer TriGranit to own and operate four Class A office properties in Budapest on behalf of HEPP IV. As part of that deal, Heitman will own a 75 percent stake in the 70,000-square-metre portfolio valued at €145 million.
Separately, Heitman announced on 23 December that it purchased two Class A office buildings in Budapest from London-based Aviva Investors, also on behalf of HEPP IV. The two properties, Alkotas Point and Science Park, total 25,000 square metres and 30,000 square metres, respectively. Although Heitman declined to disclose the price, sources put the deal at around €107 million.
Launched in 2008, HEPP IV is entering its final year of deploying capital in assets across Central and Eastern Europe. To date, it is roughly 60 percent committed.