Slovakian developer HB Reavis has posted a 139% rise in its half-year net profits and increased net asset value by 11.6%.
In the six months to the end of June, HB Reavis increased its net asset value to just over €1bn and pushed profits to €99.8m from €41.7m.
The company’s performance was boosted by record leasing activity in Slovakia, Hungary and Poland. More than 827,000 sq ft of space was let during the period.
In addition, the company completed two developments in Warsaw and Prague, adding 738,000 sq ft of space to the portfolio.
The company has a further nine development projects in the pipeline, including 33 Central, EC4, and 20 Farringdon Street, EC4.
The company’s debt increased during H1, with the leverage ratio up from 26.5% at the end of 2014 to 28.4% as of 30 June.
