Allen and Overy advised HB Reavis' Central Europe Real Estate Fund (CEREIF) on the sale of its retail asset Aupark Piestany to New Europe Property Investments (NEPI) for EUR39.5million.

Aupark Piestany is the smallest of the four Aupark centers in Slovakia, totaling 10,000sqm of GLA and 380 parking spaces, situated in the heart of the spa-city of Piestany. The sale was the third transaction between NEPI and HB Reavis Group, following NEPI's acquisitions of the Aupark shopping centres in Zilina and Kosice. HB Reavis is a strong real estate player on the Slovak market and since the start of 2016, they have divested ten assets (including Aupark Piestany) worth EUR 750 million across its core markets, including the sale of 33 Central, London.

This has been the seventh high-profile real estate transaction on which Allen & Overy have advised HB Reavis in Slovakia over the past few years, which strengthens our position as the top tier real estate advisor on the Slovak market.

Commenting on the transaction, Peter Grancic, Fund Director of HB Reavis CEREIF said: "The sale of Aupark Piestany reflects the Fund's divestment approach. The recent transactions clearly show an increased interest in Slovak retail properties coming from renowned international players, which has been valuable for the Funds' investors."

The A&O team was led by senior associate Juraj Gyarfas and senior associate Vojtech Palinkas.