HB Reavis posted a €318m profit in 2021, its 2nd-highest
Developer HB Reavis (Ivan Chrenko) posted a €318m profit in 2021, its 2nd-highest. Asset re-appraisals increased the profit by €468m. The group’s net asset value rose €383m to €1.9bn, following a €200m drop in 2020. The management puts the profit growth to progress in the construction of office projects in Warsaw and Berlin, completion of the Nivy project in Bratislava, and the Forest in Warsaw, as well as the acquisition of building permits for office projects in London. Despite the pandemic-induced decline in demand for offices, the group managed to commercialize 160,000 sqm of space last year. It explains that its €184m loss in 2020 was temporary and partly due to the strong euro. Last year, the group bought land in Berlin and sold land in Prague, Budapest, and Plavecký Štvrtok.
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