Cornerstone was close to acquiring a stake in HB Reavis
Office developer HB Reavis (Ivan Chrenko) has been seeking investors to provide funds for a massive expansion, mainly in Germany, in return for a minority stake since 2018. It values itself at €4bn and hired JP Morgan and BoA Merril Lynch to help find a new investor. Just before the pandemic, it agreed with a Polish company, Cornerstone, which has the financial backing of Blackstone and Oak Tree. Chrenko was to keep a majority stake in HB Reavis’ Western European projects and the new investor was to take a majority stake in the CEE projects. The deal, though, fell through due to the pandemic.