Austrian Heta sells real estate of Hypo Alpe Adria Bank in the Balkans

The Austrian company Heta, which was carrying out the dissolution of the ruined Hypo Alpe Adria Bank in Austria, sold the enterprise Centrice Real Estate, which used to manage the real estate of Hypo Alpe Adria Bank in the Balkans, to the American investor, the company Lone Star.

Heta announced that the company Centrice had been bought by the two Lone Star subsidiaries and that the required approvals by the regulatory bodies had already been received. The company didn't wish to divulge the selling price.

As part of the process of dissolution of Hypo Alpe Adria Bank, real estate packages were being transferred from the former Hypo group to Centrice in the past years, along with its debt.

Centrice, which has its headquarters in Vienna, has offices in Ljubljana, Zagreb and Belgrade.

The main part of the portfolio (71%) is located in Slovenia, and the property is estimated to around EUR 300 million. The largest part of the property in Slovenia, a total of 23 pieces of real estate, consists of a 200,000 m2 surface for sale, among which is the Qlandia supermarket chain with seven shopping malls throughout the country, as well as 12 smaller malls.

The remaining 30,000 m2 consists of office space which includes Ljubljana headquarters of Hypo Alpe Adria Bank in Slovenia.

In Croatia, there are five pieces of real estate, and one piece each in Bosnia and Herzegovina, Macedonia and Serbia.

According to Centrice data, the rental income amounts to EUR 37.3 million. The earnings before interest and taxes were EUR 28.6 million.