HB Reavis posted a substantial €184m loss in 2020

Developer HB Reavis (Ivan Chrenko) posted a substantial €184m loss in 2020, compared to a €389m profit in 2019. Its net asset value fell €200m to €1.5bn. The poor result stems from an operating loss (€8.4m) and currencies of neighboring countries losing ground against the euro (€124m). The exchange rate changes have no real impact on the developer, which takes loans in euros and charges rents in euros, too. In 2019, its operating profit stood at €487m as its investment assets rose in value by over €500m; last year the change was just +€29m. The pandemic delayed opening or construction of its projects Stanica Nivy in Bratislava and Bloom Clerkenwell and One Waterloo in London.

(forbes.sk)