HB Reavis sold manager of its fund to asset manager IAD Investments
HB Reavis (Ivan Chrenko) continues to divest Slovak assets and is selling HB Reavis Investment Management, the manager of CE REIF fund, to asset manager IAD Investments (Miroslav Vester, Rastislav Danišek and Róbert Bartek). The fund owns four office buildings in Bratislava and a shopping mall in Czechia. Last year, the fund was the first one in Slovakia to mark its assets to market value, which resulted in a nearly 30% drop in assets to €340m. IAD plans to raise €25-30m in new investments in the fund and use it to buy other properties, such as logistics parks.
IAD has €2.1bn under management in Slovakia, Czechia, Hungary and Poland. It has been managing its own real estate fund for 17 years.
